Benzinga | Nov 18, 2021 02:43PM EST

Alta Equipment Acquires Midwest Mine Services For Undisclosed Sum

* Alta Equipment Group Inc. (NYSE:ALTG) agreed to acquire Midwest Mine Services LLC, a privately held company based in Toledo, Ohio. Deal terms were not disclosed.

* Midwest Mine Services designs, fabricates, and installs full aggregate processing plants for quarries, mines, and recycling operations throughout the U.S. and is well-established in the Ohio and Michigan markets. It is also the authorized dealer for several original equipment manufacturers and their component supply partners.

* Midwest Mining Services generated ~$17 million in revenue and had adjusted EBITDA of ~$1.3 million for the trailing twelve-month ended July 2021. The transaction is expected to close in 4Q21.

* Alta Equipment held cash in hand of $1.2 million as of September 30, 2021.

* "We welcome Bob Keaton and his entire team to the Alta family," noted Ryan Greenawalt, CEO of Alta.

* Price Action: ALTG shares traded higher by 0.36% at $16.87 on the last check Thursday.