Ginop Sales, Inc. — Acquisition by Alta Equipment Group Inc.
Established Kubota dealer operating across three locations in Northern Michigan, acquired by Alta Equipment Group, illustrating how manufacturer relationships, parts and service income, and a regional dealership footprint can support valuation multiples for agricultural machinery dealers.
Acquirer
Alta Equipment Group Inc.
Year
2021
Enterprise Value
~$28.5m
Revenue
~$65.0m
Adjusted EBITDA
~$6.5m (Adjusted EBIT)
EBITDA Multiple
~4.4×
Industry
Agricultural Machinery Dealer
Transaction
Alta Equipment Group acquired Ginop Sales in December 2021, expanding its equipment dealership network in Northern Michigan. Ginop was an established Kubota dealer operating from three locations, supplying both agricultural and compact construction equipment, with new and used equipment sales alongside parts and service operations. At the time of the acquisition, Ginop generated approximately $65m of annual revenue and $6.5m of adjusted EBIT. Alta reported an enterprise value of approximately $28.5m, implying a transaction multiple of approximately 4.4× adjusted EBIT.
Why the Premium?
- Established Kubota manufacturer relationship
- Parts and service aftermarket operations
- Regional dealership footprint across three locations
- Healthy operating profitability (~10% EBIT margin)
- Strategic fit expanding Alta's dealership network
SME Takeaway
The Ginop transaction implies a valuation of approximately 4.4× adjusted EBIT, based on financial information disclosed by the buyer. For agricultural machinery dealers, the transaction highlights the potential value of strong manufacturer relationships, established territories, parts and service income, multiple dealership locations and a substantial installed customer base. The 4.4× multiple is calculated from buyer-reported figures and is an EBIT multiple, not an EBITDA multiple, so it should not be compared directly with EBITDA multiples without an appropriate adjustment.
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.