Benzinga | Dec 15, 2021 01:43PM EST

Alta Acquires Ambrose Equipment For Undisclosed Sum

* Alta Equipment Group Inc (NYSE:ALTG) has agreed to acquire the assets of family-owned Ambrose Equipment, LLC., expanding its construction equipment footprint to 39 locations in 10 states.

* The company plans to disclose the terms of the acquisition upon closing, expected to occur before year-end.

* Ambrose Equipment is a privately held equipment distributor and premier asphalt equipment dealer in New Hampshire and Massachusetts. It generated ~$35 million in revenue and adjusted EBITDA of ~$3.1 million for the trailing twelve-month ended August 2021.

* Alta Equipment noted the acquisition expands construction equipment business within New England region.

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

* Price Action: ALTG shares are trading lower by 1.26% at $13.33 on the last check Wednesday.