Alta Equipment Group Inc., a leading material handling and construction equipment company in Livonia, today announced it has acquired Baron Industries, a privately held dock and door company based in Woburn, Mass. for less than $2 million.
Baron is a leading provider of dock and door sales, service, and installation for the greater New England area. It specializes in commercial overhead loading dock door and equipment, hydraulic lifts, and vertical reciprocating conveyors.
“This strategic acquisition jump starts our expansion in the loading dock & door equipment business and immediately positions Alta as a leading provider throughout the northeast,” says Alan Hammersley, president of Alta.
“Baron’s sterling reputation for service has made them the vendor of choice among general contractors, architects, government agencies, military sites, hospitals, and more, which makes them an excellent fit with our customer first product support culture.”
Baron generates approximately $6 million in revenue and had adjusted EBITDA of approximately $400,000 in that latest fiscal year. The purchase price includes certain tangible assets such as inventory, vehicles, and an $800,000 goodwill premium. The total cost is expected to come in at less than $2 million, and the sale is subject to customary post-closing purchase price adjustments.
Besides commercial overhead doors and loading dock equipment, Baron also offers energy saving products for the doors, fire and smoke safety equipment, lifts, materials handling and storage, scissor lifts, security equipment, and vertical reciprocating conveyors. It also offers service, repairs, inspections, and installations for its products.
Alta owns and operates one of the largest integrated equipment dealership platforms in the U.S. The company sells, rents, and provides parts and service support for several categories of specialized equipment, including lift trucks and aerial work platforms, cranes, earthmoving equipment, and other industrial and construction equipment.
“This service capability expansion is another key step in our strategy to build out our full-service warehousing and logistics offering within our growing material handling segment,” says Hammersley.