NEW YORK, Feb. 11, 2020 /PRNewswire/ -- B. Riley Principal
Merger Corp. (NYSE: BRPM, BRPM WS, BRPM.U) ("BRPM" or the
"Company"), a special purpose acquisition company sponsored by an
affiliate of B. Riley Financial, Inc. (Nasdaq: RILY) ("B. Riley
Financial"), today announced that its stockholders have voted in
favor of the Company's proposed initial business combination (the
"business combination") with Alta Equipment Holdings, Inc.
("Alta"), a leading provider of premium industrial and construction
equipment and related services.
The business combination is expected to close on February 14, 2020, subject to the satisfaction of
certain customary closing conditions. Upon closing, the Company
will be renamed Alta Equipment Group Inc. Shares of the Company's
common stock are expected to begin trading on the New York Stock
Exchange under the ticker symbol "ALTG" on February 18, 2020.
Dan Shribman, Chief Investment
Officer of B. Riley Financial and Chief Financial Officer of BRPM,
stated, "Today's high percentage stockholder approval of the
business combination validates our belief in Alta's potential and
its market leadership as the largest and only pure-play industrial
and construction equipment dealer trading in the public
market."
Ryan Greenawalt, Chief Executive
Officer of Alta, added, "Establishing a public currency will
facilitate Alta's ability to execute on the significant growth
opportunity that lies ahead, while offering investors a unique
opportunity to benefit from the growth and consolidation occurring
in the construction and industrial markets. We look forward to
welcoming our new stockholders and thank Alta's dedicated employees
and partners who made this milestone event possible."
Alta's previously announced acquisitions of Liftech Equipment
Companies, Inc. ("Liftech") and FlaglerCE Holdings, LLC ("Flagler")
are expected to close concurrently with the completion of the
business combination.
About Alta Equipment Holdings Inc.
Alta owns and operates one of the largest integrated equipment
dealership platforms in the U.S. Through its branch network, Alta
sells, rents, and provides parts and service support for several
categories of specialized equipment, including lift trucks and
aerial work platforms, cranes, earthmoving equipment and other
industrial and construction equipment. Alta has operated as an
equipment dealership for 35 years and has developed a branch
network that includes 31 total locations in Michigan, Illinois, Indiana, and New England. Alta offers its
customers a one-stop-shop for most of their equipment needs by
providing sales, parts, service, and rental functions under one
roof. More information can be found at www.altaequipment.com.
About B. Riley Principal Merger Corp.
B. Riley Principal Merger Corp. is a blank check company
incorporated for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
other similar business combination with one or more businesses. The
Company raised $143.75 million in its
initial public offering and began trading on the New York Stock
Exchange in April 2019. Its shares of
Class A common stock, units and warrants trade under the ticker
symbols "BRPM," "BRPM.U" and "BRPM WS," respectively.
Forward-Looking Statements
This press release includes certain statements that may
constitute "forward-looking statements" for purposes of the federal
securities laws. Forward-looking statements include, but are not
limited to, statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions. The words "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intends,"
"may," "might," "plan," "possible," "potential," "predict,"
"project," "should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements may include, for example, statements about: the expected
timing of the closing the business combination, Alta's ability to
effect the acquisitions of each of Liftech and Flagler (the
"acquisitions"); the parties' ability to effect the business
combination; the benefits of the acquisitions and of the business
combination; the future financial performance of the Company
following the business combination; and changes in Alta's,
Liftech's and Flagler's strategy, future operations, financial
position, estimated revenues, and losses, projected costs,
prospects, plans and objectives of management. These
forward-looking statements are based on information available as of
the date of this press release, and current expectations, forecasts
and assumptions, and involve a number of judgments, risks and
uncertainties. Accordingly, forward-looking statements should not
be relied upon as representing the parties' views as of any
subsequent date, and the Company and Alta do not undertake any
obligation to update forward-looking statements to reflect events
or circumstances after the date they were made, whether as a result
of new information, future events or otherwise, except as may be
required under applicable securities laws. You should not place
undue reliance on these forward-looking statements. As a result of
a number of known and unknown risks and uncertainties, actual
results or performance may be materially different from those
expressed or implied by these forward-looking statements. Some
factors that could cause actual results to differ include, but are
not limited to: (1) the occurrence of any event, change or other
circumstances that could give rise to the termination of the
agreement and plan of merger relating to the business combination
(as the same may be amended from time to time, the "Merger
Agreement") or the acquisitions; (2) the outcome of any legal
proceedings that may be instituted against the Company or Alta
relating to the business combination and related transactions; (3)
the inability to complete the transactions contemplated by the
Merger Agreement or the acquisitions due to the failure to satisfy
conditions to the closing of the proposed business combination ;
(4) the ability to obtain or maintain the listing of the Company's
shares of Class A common stock on the New York Stock Exchange
following the proposed business combination; (5) the risk that the
proposed business combination or the acquisitions disrupt the
parties' current plans and operations as a result of the
announcement and consummation of the transactions described herein;
(6) the ability to recognize the anticipated benefits of the
proposed business combination or the acquisitions, which may be
affected by, among other things, competition, the ability of the
Company business to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (7) costs related to the proposed
business combination or the acquisitions; (8) changes in applicable
laws or regulations; (9) the possibility that the Company, Alta,
Liftech or Flagler may be adversely affected by other economic,
business, and/or competitive factors; and (10) other risks and
uncertainties indicated from time to time in the proxy statement
filed by the Company with the SEC in connection with the proposed
business combination, including those under "Risk Factors" therein,
and other factors identified in the Company's prior and future
filings with the SEC, available at www.sec.gov.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities pursuant to the
proposed business combination and other transactions described
herein or otherwise, nor shall there be any sale of securities in
any jurisdiction in which the offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended.
Contacts:
For Alta:
Investors:
Bob Jones / Taylor Krafchik
Ellipsis
IR@altaequipment.com
(646) 776-0886
Media:
Glenn Moore
Alta Equipment
glenn.moore@altaequipment.com
(248) 305-2134
For B. Riley:
Media:
Jo Anne McCusker
jmccusker@brileyfin.com
(646) 885-5425
View original content to download
multimedia:http://www.prnewswire.com/news-releases/b-riley-principal-merger-corp-announces-stockholder-approval-of-business-combination-with-alta-equipment-holdings-inc-301003243.html
SOURCE B. Riley Principal Merger Corp.