NEW YORK and LIVONIA, Mich., Feb.
14, 2020 /PRNewswire/ -- B. Riley Principal Merger Corp.
(NYSE: BRPM, BRPM WS, BRPM.U) ("BRPM"), a special purpose
acquisition company sponsored by an affiliate of B. Riley
Financial, Inc. (Nasdaq: RILY) ("B. Riley Financial"), and Alta
Equipment Holdings, Inc., a leading provider of premium industrial
and construction equipment and related services, today announced
the completion of their previously announced business combination,
forming a leading publicly traded equipment dealership platform.
The business combination, which had a pro forma enterprise value of
approximately $540 million, was
funded through a combination of equity and debt financings.
Upon completion of the business combination, the combined
company was renamed Alta Equipment Group Inc. ("Alta" or the
"Company"). Beginning February 18,
2020, the Company's shares of common stock will begin
trading on the New York Stock Exchange under the new ticker symbol
"ALTG."
Concurrently with the closing of the business combination, the
Company completed its two previously announced acquisitions of
Liftech Equipment Companies, Inc. ("Liftech") and FlaglerCE
Holdings, LLC ("Flagler"),
representative of Alta's market expansion strategy. Following such
acquisitions, Alta now operates in 43 locations across Michigan, Illinois, Indiana, New England, New York and Florida.
Alta's executive management team will continue to be led by
Ryan Greenawalt, who will serve as
the Company's Chief Executive Officer and Chairman of the board of
directors. The Company's board of directors will be comprised of
Dan Shribman, B. Riley Financial's
Chief Investment Officer and BRPM's former Chief Financial Officer,
Zachary E. Savas, President of
Cranbrook Partners & Co., Andrew
Studdert, Founder of Andrew P.
Studdert & Associates, and Katherine White, Professor of Law at
Wayne State University Law School.
"The closing of the business combination marks a significant
milestone in Alta's proud history," said Ryan Greenawalt. "The additions of Flagler and Liftech provide further scale to
our dealer platform and provide a great opportunity to grow our
aftermarket parts, sales and service business through geographic
expansion. Our strengthened capital structure will further support
organic growth as well as the robust opportunities in our
acquisition pipeline. We are grateful to Dan Shribman, Bryant
Riley and the entire B. Riley Financial team for their
partnership and look forward to sharing our progress with our
stockholders as we continue to deliver on our growth strategy."
"We more than accomplished our goal of finding the perfect
partner for BRPM in Ryan Greenawalt
and the entire Alta team, and we are pleased with the speed in
which we were able to complete this business combination since
forming BRPM last April," added Dan
Shribman. "Alta offers shareholders a rare combination of
growth and value with an outstanding track record of delivering
results, strong leadership and a significant opportunity to scale
its business. Our ability to bring Alta to market in a short period
of time speaks to this and to the collective efforts and expertise
of our team. We are grateful for the financial support we received
from our financial partners and stockholders, and we look forward
to continuing being a strategic partner to Alta."
B. Riley FBR, Inc. and Dougherty & Co. served as capital
markets advisors to BRPM. B. Riley FBR also served as sole
placement agent to BRPM. Winston & Strawn LLP acted as BRPM's
legal advisor. Raymond James &
Associates served as capital markets advisor to Alta in connection
with the business combination. KPMG LLP acted as financial advisor
to Alta on the acquisitions of Liftech and Flagler. Howard & Howard Attorneys, PLLC
acted as Alta's legal advisor.
About B. Riley Principal Merger Corp.
B. Riley Principal Merger Corp. was a blank check company
sponsored by an affiliate of B. Riley Financial incorporated for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or other similar
business combination with one or more businesses. BRPM raised
$143.75 million in its initial public
offering in April 2019.
About Alta Equipment Group Inc.
Alta owns and operates one of the largest integrated equipment
dealership platforms in the U.S. Through its branch network, the
Company sells, rents, and provides parts and service support for
several categories of specialized equipment, including lift trucks
and aerial work platforms, cranes, earthmoving equipment and other
industrial and construction equipment. Alta has operated as an
equipment dealership for 35 years and has developed a branch
network that includes 43 total locations across Michigan, Illinois, Indiana, New England, New York and Florida. Alta offers its customers a
one-stop-shop for most of their equipment needs by providing sales,
parts, service, and rental functions under one roof. More
information can be found at www.altaequipment.com.
Forward-Looking Statements
This press release includes certain statements that may
constitute "forward-looking statements" for purposes of the federal
securities laws. Forward-looking statements include, but are not
limited to, statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions. The words "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intends,"
"may," "might," "plan," "possible," "potential," "predict,"
"project," "should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements may include, for example, statements about: the benefits
of the business combination and the acquisitions of each of Liftech
and Flagler (the "acquisitions");
the future financial performance of the Company; the Company's
plans for expansion and acquisitions; and changes in the Company's
strategy, future operations, financial position, estimated
revenues, and losses, projected costs, prospects, plans and
objectives of management. These forward-looking statements are
based on information available as of the date of this press
release, and current expectations, forecasts and assumptions, and
involve a number of judgments, risks and uncertainties.
Accordingly, forward-looking statements should not be relied upon
as representing the parties' views as of any subsequent date, and
the Company does not undertake any obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws. You should not place undue reliance on
these forward-looking statements. As a result of a number of known
and unknown risks and uncertainties, actual results or performance
may be materially different from those expressed or implied by
these forward-looking statements. Some factors that could cause
actual results to differ include, but are not limited to: (1) the
outcome of any legal proceedings that may be instituted against the
Company relating to the business combination and related
transactions; (2) the ability to maintain the listing of the
Company's shares of common stock on the New York Stock Exchange
following the business combination; (3) the risk that the business
combination or the acquisitions disrupt the Company's current plans
and operations as a result of the consummation of the transactions
described herein; (4) the ability to recognize the anticipated
benefits of the proposed business combination or the acquisitions,
which may be affected by, among other things, competition, the
ability of the Company's business to grow and manage growth
profitably, maintain relationships with customers and suppliers and
retain its management and key employees; (5) costs related to the
business combination or the acquisitions; (6) changes in applicable
laws or regulations; (7) the possibility that the Company may be
adversely affected by other economic, business, and/or competitive
factors; and (8) other risks and uncertainties indicated from time
to time in the proxy statement filed by the Company with the SEC in
connection with the proposed business combination, including those
under "Risk Factors" therein, and other factors identified in the
Company's prior and future filings with the SEC, available at
www.sec.gov.
Contacts:
For Alta Equipment Group Inc.:
Investors:
Bob Jones /
Taylor Krafchik
Ellipsis
IR@altaequipment.com
(646) 776-0886
Media:
Glenn Moore
Alta Equipment
glenn.moore@altaequipment.com
(248) 305-2134
For B. Riley Financial:
Media:
Jo Anne
McCusker
jmccusker@brileyfin.com
(646) 885-5425
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SOURCE Alta Equipment Group Inc.