B. Riley Principal Merger Corp. of New York and Livonia’s Alta Equipment Holdings Inc., a provider of industrial and construction equipment and related services, have completed their previously announced merger to form a publicly traded equipment dealership platform worth approximately $540 million.
Now called Alta Equipment Group, it will begin trading Feb. 18 on the New York Stock Exchange under the new ticker symbol ALTG.
The new enterprise also completed its two previously announced acquisitions of Liftech Equipment Companies Inc. and FlaglerCE Holdings, representative of Alta’s market expansion strategy. Following the acquisitions, Alta now operates in 43 locations across Michigan, Illinois, Indiana, New England, New York, and Florida.
Alta’s executive management team will continue to be led by Ryan Greenawalt, who will serve as the company’s chairman and CEO. The board of directors will be comprised of Dan Shribman, B. Riley Financial’s chief investment officer; Zachary E. Savas, president of Cranbrook Partners and Co.; Andrew Studdert, founder of Andrew P. Studdert and Associates; and Katherine White, professor of law at Wayne State University Law School.
“The closing of the business combination marks a significant milestone in Alta’s proud history,” says Ryan Greenawalt. “The additions of Flagler and Liftech provide further scale to our dealer platform and provide a great opportunity to grow our aftermarket parts, sales, and service business through geographic expansion. Our strengthened capital structure will further support organic growth as well as the robust opportunities in our acquisition pipeline.”
Shribman adds, “Alta offers shareholders a rare combination of growth and value with an outstanding track record of delivering results, strong leadership and a significant opportunity to scale its business. Our ability to bring Alta to market in a short period of time speaks to this and to the collective efforts and expertise of our team. We are grateful for the financial support we received from our financial partners and stockholders, and we look forward to continuing being a strategic partner to Alta.”