Item 8.01. Other Events. *
On December 31, 2021, Alta Equipment Group Inc. ("Alta" or the "Company") closed
its acquisition of Ambrose Equipment, LLC, which was structured as an asset
sale. Ambrose Equipment, a privately held construction equipment distributor, is
the Northeast's premier asphalt equipment dealer for more than 33 years, with
locations in New Hampshire and Massachusetts. The acquisition was completed
pursuant to the agreement announced on December 15, 2021. The purchase price for
the acquisition was $19.2 million of cash paid at closing, which included $0.3
million worth of excess working capital. Included in the purchased assets of
Ambrose Equipment were approximately $3.7 million worth of floorplan-eligible
new equipment inventory, yielding an enterprise value at close of approximately
$15.2 million. The purchase price is subject to certain post-close adjustments.
Ambrose Equipment generated approximately $35.0 million in revenue and had
adjusted EBITDA of approximately $3.1 million in the trailing twelve months
through August 2021.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
Ex-104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
* The information furnished under Item 8.01 of this Current Report on Form 8-K
is being furnished and shall not be deemed to be "filed" for the purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or incorporated by reference in any filing under the Exchange Act or
the Securities Act of 1933, as amended, except as shall be expressly set forth
by specific reference in such a filing. This Current Report on Form 8-K will
not be deemed an admission as to the materiality of any information included
in Item 8.01.
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