Item 8.01. Other Events.
On December 31, 2020, Alta Equipment Group Inc. ("Alta" or the "Company") closed
its acquisition of the construction dealership assets of Vantage Equipment, LLC
("Vantage"), a privately held equipment dealer operating three branches across
New York State in Batavia, Syracuse and Albany. The purchase price consisted of
$28.9 million in cash consideration paid at closing. Included in the purchase
price is approximately $2.7 million of floorplan eligible new equipment
inventories, yielding an enterprise value at close of approximately $26.2
million. The consideration paid at closing is subject to certain post-closing
adjustments and reflects a goodwill premium of $1.5 million above tangible
assets acquired. Vantage's construction dealerships generated approximately
$41.0 million in revenue and had adjusted EBITDA of approximately $4.7 million
in the trailing twelve months through September 30, 2020.
The information in this Item 8.01 is furnished and shall not be deemed "filed"
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), or otherwise subject to liabilities under that section,
and shall not be deemed to be incorporated by reference into the filings of the
Company under the Securities Act of 1933, as amended (the "Securities Act"), or
the Exchange Act, regardless of any general incorporation language in such
filings. This Current Report on Form 8-K will not be deemed an admission as to
the materiality of any information of the information in this Item 8.01.
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