The acquisition will expand Alta’s business into the New England market, adding full-service materials handling sales operations in Massachusetts, Connecticut, New Hampshire and Maine.
Nitco and its construction equipment group, Northland JCB, will continue to operate as wholly owned subsidiaries of Alta, with no changes to leadership or business operations.
Alan Hammersley will continue as president and CEO of Nitco and Northland JCB reporting to Ryan Greenawalt, president and CEO of Alta.
Greenawalt says: “The Alta team has always held Nitco in the highest regard.
“Nitco’s strength in the materials handling space, anchored by the Hyster and Yale brands, innovative solutions approach and fast-growing Northland JCB Construction Equipment Group, aligns with Alta’s vision and builds on our integrated industrial, construction and compact equipment capabilities.”
Hammersley says: “Nitco is very pleased to become part of the Alta family and continuing on our growth path as we enter into this next chapter in the evolution of the company.
“Together, we will continue to provide the highest level of support to our customers while working to meet the high standards that all our stakeholders deserve.”
Alta currently has 24 branch locations across the Great Lakes Region. This acquisition will add six branches to the company’s footprint including three locations in Massachusetts and one each in Connecticut, New Hampshire and Maine.
Alta and Nitco are both award-winning dealers for the Hyster-Yale Group and specialize in sales, rental and service of materials handling, industrial and construction equipment for a diverse group of industries.
Greenawalt adds: “The Nitco transaction supports the growth strategy for Alta.
“As with previous acquisitions, we expect that Nitco’s business and its employees will benefit from being part of Alta, with access to the expanded resources and capabilities available to them as part of this full-service company.”
The transaction is subject to approval and is expected to close within the next 45 to 60 days. Details of the transaction have not been made public.