Alta Equipment Group has strategically expanded its reach in Canada by merging with Ault Industries. It recently acquired Ault Industries. Ault Industries is a Canadian and privately held McCloskey, MWS, Lippmann, Superior, and MDS equipment distributor in Ontario and Quebec.
As part of the acquisition, Alta will expand into two of Canada’s largest markets;
- Toronto
- Montreal
– and will assume Ault’s exclusive dealer agreement with McCloskey. After closing the acquisition, Ault’s brand name, employees, and management team will remain in place.
The acquisition was completed at $36 million, consisting of;
- $23.2 million cash at close
- $2.2 million seller note
- $10.6 million worth of Alta’s common stock.
These stocks will be issued at $13 per share, equating to 818,473 shares vesting annually over five years.
Advantages of the Merger
The merger strengthens Alta’s position in major Canadian markets like Toronto and Montreal. It also facilitates access to a range of equipment, such as the mini excavator, which is known for its compact size and efficiency in construction projects.
Researching Equipment Needs: The Alta Advantage
When you buy heavy equipment, you have to investigate thoroughly. This process is much more convenient because of Alta Group’s expanded operations in Canada. Customers can compare models, features, and equipment pricing available at multiple locations with a diverse range of machinery, including mini excavators.
Whether you’re a first-time buyer or an experienced contractor, Alta’s expert team is always available to answer any questions. You know that they know the Canadian market and regulations of the local equipment machines will be tested within all the necessary standards.
“The acquisition of Ault represents Alta’s first investment in Canada for our growing construction segment. We are extremely excited to partner with the Ault team. They have built a high-performing equipment dealership in the aggregate and mining space, a growing end market in their region and for Alta,” said Ryan Greenawalt, chief executive officer of Alta. ”
In addition to entering the major construction markets of Toronto and Montreal, we also eagerly embrace a new relationship with McCloskey, a market-leading OEM in the crushing and screening product category. We warmly welcome the Ault team as they become part of the Alta family.”
Conclusion
The merger of Alta Group and Ault Industries represents more than an acquisition as Canadian demand for new, high-performance equipment grows. This partnership is already setting a novel benchmark in the heavy equipment industry. It also enhances access to cutting-edge machinery, such as the mini-excavator, and provides top-quality maintenance and financing services.
This growth is a game changer for construction firms, contractors, and mining operations. Through the presence of Alta in Canada, businesses have the tools to succeed in a more and more competitive market.
Having a shared vision of excellence and customer satisfaction, Alta and Ault are ready to change Canada’s heavy equipment’s face.
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