B. Riley Principal Merger Combines its Business with Alta Equipment Holdings
CEO Insights team, 0
In connection with the closing of the business combination, BRPM intends to change its name to Alta Equipment Group (Alta Equipment) and apply to list its shares of common stock on The New York Stock Exchange under the ticker symbol ‘ALTG’. The Alta Equipment executive management team will continue to be led by Ryan Greenawalt, CEO, Alta, under whose leadership, Alta has successfully acquired 16 equipment dealers, generated revenue at a compounded annual rate of approximately 27% for the period from 2008 to 2019 and created a substantial equity value. The board of directors is expected to include Greenawalt, who will serve as Chairman, and Dan Shribman, CIO, B. Riley Financial & CFO, BRPM.
Commenting on the merger, Ryan Greenawalt says, “The business combination with BRPM is an important next step in our growth strategy as we look to leverage our strong operating platform by expanding our dealer
This is a high-quality growth business with a proven management team that we believe deserves and will benefit from public currency
network in a fragmented market and driving profitable growth and cash flow. This transaction is a great fit for Alta, providing efficient access to the public markets in partnership with a savvy investment firm with a terrific track record of supporting growth companies and positioning them to build shareholder value. We look forward to partnering with Bryant Riley, Chairman and CEO of B. Riley Financial, Dan Shribman and the B. Riley Financial team and to becoming a publicly-listed company.”
"We are thrilled to be able to partner with Ryan and his team. Alta exhibits a rare combination of value, growth and tremendous leadership. Ryan's stewardship over the last decade speaks for itself. The pro forma business is anchored off an extremely high-quality parts- and service-led cash flow stream that we believe public markets will come to appreciate. Our growth lever is a robust acquisition pipeline, which we believe we are uniquely positioned to execute as the only publicly-listed industrial and construction dealership group in the country," asserts Dan Shribman.
"Alta is the exact type of company we envisioned bringing to market when we raised BRPM. This is a high-quality growth business with a proven management team that we believe deserves and will benefit from public currency. We have already seen a strong reception from a diverse group of long-term oriented shareholders, and we are excited to serve as a strategic partner to Alta in support of its future growth," concludes Bryant Riley, Chairman & CEO, B. Riley Financial.