Alta Equipment Group of Livonia, Mich., announced it has entered into an agreement to acquire Burris Equipment, a Kubota dealer with three locations in Illinois, for $14 million in cash, subject to working capital adjustments. The transaction is expected to close in 4Q2023.
“The acquisition of Burris will not only yield immediately accretive returns to shareholders but will also notably enhance our business in Illinois,” says Ryan Greenawalt, CEO of Alta, adding the acquisition will provide the company with Burris' locations in Joliet, Waukegan and Lakemoor. Greenawalt says the company is also looking forward to the new OEM relationships the acquisition will offer.
According to Alta, Burris generated approximately $40.6 million in revenue, $1.9 million in net income and EBITDA of $4.6 million for the trailing 12-month period through July 2023. In its Kubota offering, Burris sells agricultural and compact tractors, wheel and skid steer loaders, utility tractors, lawn tractors and zero turn mowers.
Alta says since it's IPO in 2020, it has completed 15 acquisition that have contributed $487 million in revenue and $58 million in adjusted EBITDA.
Source : Farm Equipment