Benzinga | Sep 1, 2021 08:19AM EDT

Alta Equipment Group Acquires Baron Industries; Terms Not Disclosed

Alta Equipment Group Inc. (NYSE:ALTG) ("Alta") today announced that it has acquired Baron Industries ("Baron"), a privately held dock & door company based in Woburn, MA.

Baron is an established, leading provider of dock and door sales, service, and installation for the greater New England area. The company specializes in commercial overhead loading dock doors 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," said Alan Hammersley, President, Alta Material Handling. "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. 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."

Baron generated approximately $6.0 million in revenue and had adjusted EBITDA of approximately $400,000 in the latest fiscal year. The purchase price includes certain tangible assets such as inventory, vehicles, and an $800,000 goodwill premium. The total purchase price is expected to be less than $2.0 million, subject to customary post-closing purchase price adjustments.