Alta Equipment Group Inc. has entered into a definitive agreement to acquire Yale Industrial Trucks, Inc., a privately held Yale forklift dealer with five locations in southeastern Canada. The company provides sales, service and rental of materials handling equipment throughout its territory, which encompasses Canada’s two largest population centres of Toronto and Montreal. 

YIT has been a successful dealer since 1972 with more than 140 employees, 75 of whom are service technicians, and is headquartered in Woodbridge, Ontario.

“The YIT acquisition is consistent with our growth strategy, which includes expanding into new markets which offer substantial opportunities to increase the scale of our business,” says Ryan Greenawalt, chief executive officer of Alta. “This acquisition extends our operations into an international market for the first time and bridges our existing US territories. It will benefit our materials handling business as Quebec and Ontario represent approximately 80% of the market opportunity in Canada, and the greater Toronto area is one of the top five industrial distribution markets in North America. 

“Culturally, they have a rich 50-year history of providing outstanding service to customers in the Canadian market which fits with our focus.”

The deal sees YIT valued at around USD33.5 million, and Alta expects to close both the acquisition and the relevant amendments to its credit agreements in the third quarter.