Alta Equipment Group Inc Stock Price, News & Analysis

Alta Equipment Group Inc. (NYSE: ALTG) announced a private offering of $300 million in senior secured second lien notes due 2026. This offering is exempt from registration under the Securities Act. The notes are guaranteed by all subsidiaries and secured by a second lien on the company's assets. Concurrently, Alta plans to refinance its existing senior credit obligations through a $350 million amended credit agreement and a $40 million floor plan financing agreement. Proceeds will be used to repay existing debt, cover offering expenses, and for general corporate purposes.

Alta Equipment Group reported strong financial performance for Q4 2020, with net revenues reaching $280.4 million, a 65.5% increase year-over-year. Key growth areas include new and used equipment sales, which surged by 74.3%, and rental equipment sales, which skyrocketed by 148.1%. The company completed seven acquisitions in 2020, enhancing its market presence and product offerings. Despite these gains, net loss for the quarter was $3.2 million, significantly lower than the previous year's loss, reflecting improved operational efficiency. Alta anticipates continued growth in 2021 driven by positive market trends.

Alta Equipment Group (NYSE: ALTG) is set to release its financial results for Q4 and the full year ending December 31, 2020, after market close on March 18, 2021. A conference call will follow at 5:00 p.m. ET to discuss these results, with additional details available on their Investor website. Alta operates a large integrated equipment dealership platform across various U.S. states, focusing on material handling and construction equipment, with a network of 55 locations and extensive service offerings.

Alta Equipment Group Inc. (NYSE: ALTG) announced the successful closing of its underwritten public offering of 1,190,000 depository shares, plus an additional 10,000 due to the underwriters' over-allotment, raising $30,000,000 at $25 per share. Each share represents a 1/1000th interest in the company's 10.00% Series A Cumulative Perpetual Preferred Stock. The net proceeds will fund growth, acquisitions, and general corporate purposes. Trading under the symbol 'ALTG PRA' is expected to begin within 30 business days.

Alta Equipment Group Inc. (NYSE: ALTG) announced a definitive agreement to acquire Vantage Equipment, a construction equipment dealer operating in New York, in an asset sale. Vantage, founded in 2004, generated approximately $41 million in revenue with an adjusted EBITDA of $4.7 million in the last twelve months. This acquisition marks Alta's seventh since going public, aligning with its strategy to diversify its customer base and expand in the New York market. The transaction is expected to close by year-end 2020, subject to customary conditions.

Alta Equipment Group Inc. (NYSE: ALTG) announced the pricing of its public offering of 1,190,000 depository shares at $25 each, raising $29.75 million before deductions. These shares represent 1/1000th interest in its 10.00% Series A Cumulative Perpetual Preferred Stock. The underwriters have a 30-day option to purchase an additional 10,000 shares. The offering is set to close around December 22, 2020. Proceeds will fund growth initiatives, including acquisitions. Trading of the Preferred Stock is expected to begin under the symbol “ALTG PRA” if approved.

Alta Equipment Group (NYSE: ALTG) has filed a Form S-1/A registration statement with the SEC for a public offering of depositary shares, each representing a 1/1000th interest in Series A Cumulative Perpetual Preferred Stock, valued at $25.00 per share. The offering aims to fund growth, including acquisitions and corporate purposes. Joint book-running managers include B. Riley and D.A. Davidson & Co. The company has deployed $151 million in capital since going public, yielding approximately $34 million in adjusted EBITDA, enhancing its market position.

Alta Equipment Group Inc. (NYSE: ALTG) reported robust financial results for Q3 2020, with net revenue reaching $220.6 million, a 47.3% increase from $149.8 million in Q3 2019. Gross profit rose 28.3% to $56.7 million. Significant growth was noted in parts and service revenue, contributing $71.0 million. CEO Ryan Greenawalt expressed optimism for a strong year-end, citing increased customer demand and recent acquisitions, including Howell Tractor and Martin Implement. The company anticipates leveraging its investments for further growth.

Alta Equipment Group Inc. (NYSE: ALTG) announced its acquisition of Howell Tractor and Equipment, LLC, a prominent heavy equipment dealer in Northern Illinois and Northwest Indiana. Howell Tractor, operational since 1943, generated approximately $33.1 million in revenue and had an adjusted EBITDA of about $5.0 million over the last twelve months. The acquisition, aimed at enhancing Alta's service offerings and market presence, is expected to close in Q4 2020, pending customary conditions.