Alta Equipment Group Inc. in Livonia announced that it has entered into a definitive agreement to acquire Gibson Machinery, a privately held equipment distributor based in Oakwood Village in Ohio near Cleveland.
The deal will expand Alta’s construction equipment footprint to 32 locations in eight states and adds several new OEM partners. Terms of the deal were not disclosed.
The transaction is expected to close in the late third quarter of early second quarter of 2021, subject to customary conditions.
Alta owns and operates one of the largest integrated equipment dealership platforms in the U.S. Through its branch network, it 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.
“Adding the Gibson team to the Alta family supports our growth within the Great Lakes region while broadening our best-in-class product portfolio and service capabilities. The transaction presents a good opportunity to expand our service operation and OEM relationships,” says Ryan Greenawalt, CEO of Alta.
“We look forward to building on Gibson’s reputation for excellent service and growing our presence in the important Northern Ohio market as we continue to execute on our growth strategy of expanding our geographic footprint into key markets.”
A family-owned business, Gibson Machinery offers a full-line of leading heavy equipment product lines and specialty attachments, as well as service, rentals, replacement parts, and equipment financing. The company services a variety of customers in the construction, recycling, steel, and demolition markets.
Gibson Machinery generated approximately $19 million in revenue and had adjusted earnings before interest, taxes, depreciation, and amortization of around $3.2 million for the trailing-twelve-month period ending in June 2021.