Business
B. Riley Principal Merger Corp. and Alta Equipment Holdings Inc. Announce Business Combination
NEW YORK and LIVONIA, Mich., Dec. 12, 2019 /PRNewswire/ -- B. Riley Principal Merger Corp. (NYSE: BRPM, BRPM WS, BRPM.U) ("BRPM"), a special purpose
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"NEW YORK and LIVONIA, Mich., Dec. 12, 2019 /PRNewswire/ -- B. Riley Principal Merger Corp. (NYSE: BRPM, BRPM WS, BRPM.U) (\"BRPM\"), a special purpose acquisition company (\"SPAC\") sponsored by an affiliate of B. Riley Financial, Inc. (Nasdaq: RILY) (\"B. Riley Financial\"), and Alta Equipment Holdings Inc. (\"Alta\"), a leading provider of premium industrial and construction equipment and related services, announced today that they have entered into a definitive merger agreement for a business combination transaction to create a leading publicly-traded equipment dealership platform with an anticipated pro forma enterprise value of approximately $550 million.\nIn connection with the closing of the business combination, BRPM intends to change its name to Alta Equipment Group Inc. (\"Alta Equipment\") and intends to apply to list its shares of common stock on The New York Stock Exchange under the ticker symbol \"ALTG.\" Alta Equipment is anticipated to have pro forma revenue of $900 million for the year ended December 31, 2019, after taking into account the effect of the acquisition of two dealers by Alta contingent on the closing of the business combination which are currently under non-binding letter of intent and pending negotiation of definitive agreements (the \"Potential Acquisitions\").\nFounded in 1984, Alta owns and operates as one of the largest integrated equipment dealership platforms in the U.S., providing diversified product and service offerings across the industrial and heavy construction equipment markets for an array of manufacturers including Hyster-Yale Materials Handling, Inc., AB Volvo, and JCB Co., Ltd., among more than 30 others. With broad end market coverage in the construction, logistics and warehousing, wholesale and retail trade, and manufacturing industries, Alta's business model consists of populating its geographies with new, used and rental equipment and contracting with its vast customer base to provide product support and services. Following the consummation of the business combination and the closing of the Potential Acquisitions, Alta Equipment will operate in 43 locations across Michigan, Illinois, New England, New York and Florida. The business combination is expected to accelerate Alta's acquisition strategy, including its geographical market expansion plans.\nThe Alta Equipment executive m...