Alta Equipment Group has announced that it has entered into a definitive agreement to acquire Yale Industrial Trucks, Inc. (YIT), a privately held Yale lift truck dealer with five locations in southeastern Canada.
The company provides sales, service, and rental of material handling equipment throughout its territory, which encompasses Canada’s two largest population centers of Toronto and Montreal. YIT has been a dealer since 1972 and has more than 140 employees, 75 of which are service technicians. It is headquartered in Woodbridge, Ontario.
“The YIT acquisition is consistent with our growth strategy, which includes expanding into new markets which offer substantial opportunities to increase the scale of our business,” said, Ryan Greenawalt, CEO of Alta. “This acquisition extends our operations into an international market for the first time and bridges our existing U.S. territories. It will benefit our Material Handling business as Quebec and Ontario represent approximately 80 percent of the market opportunity in Canada, and the greater Toronto area is one of the top five industrial distribution markets in North America. Culturally, they have a rich 50-year history of providing outstanding service to customers in the Canadian market which fits with our focus. We’re pleased to welcome YIT to the Alta family.”
YIT generated approximately $46.6 million in revenue and adjusted EBITDA of $9.4 million in the trailing twelve months through May 2022. The implied enterprise value of the acquisition is estimated to be approximately $33.5 million, subject to post-closing purchase price adjustments.
The Company expects to close the acquisition of YIT in the third quarter.
Source: Alta Equipment
