Business Combinations

12 Months Ended

Dec. 31, 2024

NOTE 15 — BUSINESS COMBINATIONS

The following table summarizes the net assets acquired by segment from our 2023 acquisitions:


	Material Handling			Construction			Total
Cash	$	0.1		$	0.6		$	0.7
Accounts receivable		0.3			7.9			8.2
Inventories		0.8			37.6			38.4
Prepaid expenses and other current assets		—			0.8			0.8
Rental fleet		1.0			10.8			11.8
Property and equipment		0.1			1.8			1.9
Operating lease right-of-use assets		1.9			2.7			4.6
Other intangible assets		—			13.5			13.5
Goodwill		1.1			6.8			7.9
Other assets		—			0.3			0.3
Total assets	$	5.3		$	82.8		$	88.1

Floor plan payable – new equipment	$	—		$	(9.2	)	$	(9.2	)
Accounts payable		(0.7	)		(9.3	)		(10.0	)
Customer deposits		—			(0.1	)		(0.1	)
Accrued expenses		—			(3.1	)		(3.1	)
Current operating lease liabilities		(0.2	)		(0.4	)		(0.6	)
Current deferred revenue		—			(0.6	)		(0.6	)
Long-term operating lease liabilities		(1.7	)		(2.3	)		(4.0	)
Deferred tax liability		—			(5.4	)		(5.4	)
Total liabilities	$	(2.6	)	$	(30.4	)	$	(33.0	)

Net assets acquired	$	2.7		$	52.4		$	55.1

Assets acquired net of cash	$	2.6		$	51.8		$	54.4

Burris

On October 13, 2023, Alta closed its acquisition of Burris, a privately held premier distributor of market leading construction and turf equipment with three locations in Illinois. The purchase price on the asset-structured acquisition was $16.7 million in cash paid, which included $2.7 million of excess net working capital. Burris is reported within our Construction Equipment segment.

Ault

On November 1, 2023, Alta acquired the stock of Ault, a privately held Canadian crushing and screening equipment distributor with locations in Ontario and Quebec provinces for a total purchase price of $35.7 million, inclusive of a working capital true up, $27.0 million net cash at close, a $3.2 million seller note to be paid annually over three years, and $5.3 million fair value of Alta’s common stock, equating to 735,168 shares at agreed upon $13 per share, vesting annually over a five-year period. Ault is reported within our Construction Equipment segment.

In 2023, the Company also purchased the assets of M&G Materials Handling Co. and Battery Shop of New England Inc. for a combined purchase price of $2.6 million, net of cash acquired. These acquisitions, which took place in our Material Handling segment, are not material individually or in the aggregate.

These acquisitions were accounted for as business combinations. During 2024, we recorded adjustments to the purchase price allocation related to the Ault acquisition which were not significant individually or in the aggregate. These adjustments had no cash impact. The fair values of assets acquired and liabilities assumed are finalized for all our 2023 acquisitions.