TakeoverPE & activists

ALTGALTA EQUIPMENT GROUP INC.

Wholesale-Industrial Machinery & Equipment · $240M market cap · 2,750 employees

2.2×

More likely than average to be taken private

Top 5% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • High CEO pay despite TSRNo
    $3M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    —
    Cash flow under 80% of net income
  • Dilutive SBCNo
    0% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    32% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    6% of assets
    Over 40% of assets
  • Low revenue per employeeNo
    $668K · 29th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    3.2 per 10K words · 72nd pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    4.5× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $240M market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    —
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    —
    10-K business scored 5+ of 10 as an AI-rollup target
  • Net insider sellingNo
    $468K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Jan 23, 2020DEFM14AB. Riley Principal Sponsor Co., LLC$10.0010%
Dec 13, 2019PREM14A—$10.0043%

Key numbers

Revenue
$1.8BFY2021: $1.2BFY2022: $1.6BFY2023: $1.9BFY2024: $1.9BFY2025: $1.8B
2.2% YoY
Operating margin
1.3%FY2021: 1.5%FY2022: 2.6%FY2023: 2.9%FY2024: 1.0%FY2025: 1.3%
27% YoY
EBITDA
$157MFY2021: $114MFY2022: $153MFY2023: $187MFY2024: $163MFY2025: $157M
3.9% YoY
Net debt / EBITDA
4.5×
$699M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$1.2B$1.6B$1.9B$1.9B$1.8B 2.2% FY2021: $1.2BFY2022: $1.6BFY2023: $1.9BFY2024: $1.9BFY2025: $1.8B
Operating income$18M$41M$54M$19M$23M 25% FY2021: $18MFY2022: $41MFY2023: $54MFY2024: $19MFY2025: $23M
Net income−$21M$9M$9M−$62M−$80M 29% FY2021: −$21MFY2022: $9MFY2023: $9MFY2024: −$62MFY2025: −$80M
Operating cash flow$31M$19M$58M$57M$33M 42% FY2021: $31MFY2022: $19MFY2023: $58MFY2024: $57MFY2025: $33M
Capex$8M$13M$12M$15M$9M 40% FY2021: $8MFY2022: $13MFY2023: $12MFY2024: $15MFY2025: $9M
Stock-based comp$1M$3M$4M$5M$4M 21% FY2021: $1MFY2022: $3MFY2023: $4MFY2024: $5MFY2025: $4M
Buybacks———$6M$8M 29% FY2024: $6MFY2025: $8M
Dividends$3M$3M$3M$3M$3M 0.0% FY2021: $3MFY2022: $3MFY2023: $3MFY2024: $3MFY2025: $3M

13D filers

FiledFilerFormStakeIntent
Jan 22, 2026Mill Road Capital III, L.P.SCHEDULE 13D/A13.3%Active
Sep 24, 2024Mill Road Capital III, L.P.SC 13D/A12.7%Passive
Jul 26, 2024Mill Road Capital III, L.P.SC 13D/A11.7%Passive
Jul 3, 2024Mill Road Capital III, L.P.SC 13D/A11.2%Passive
Jun 3, 2024Greenawalt RyanSC 13D/A16.9%Passive
May 14, 2024Mill Road Capital III, L.P.SC 13D/A9.8%Passive
Apr 11, 2024Mill Road Capital III, L.P.SC 13D/A9.3%Passive
Feb 9, 2024Mill Road Capital III, L.P.SC 13D/A9.4%Passive
Feb 9, 2024B. Riley Financial, Inc.SC 13D/A0.7%Passive
Jan 23, 2024Mill Road Capital III, L.P.SC 13D/A8.4%Passive

Insider trading

+$468Knet buying by insiders, open market, last 12 months
Bought $722K · 8 tradesSold $255K · 2 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$4M$3M50126
FY2024$2M$210K70137
FY2023$3M$3M128144
FY2022$4M$4M135131
FY2021$1M$2M148142