Alternative Asset Management Acquisition Corp. in New York has announced an agreement to buy Great American Group LLC.

The deal is expected to close in July, Alternative Asset Management announced on Thursday, and once it does the new owner plans to make Great American a wholly owned subsidiary.

Alternative Asset Management is a special-purpose acquisition company.

Great American sells asset-disposition and valuation and advisory services to retail, wholesale and industrial clients, as well as lenders, capital providers and professional service firms.

Great American has participated in liquidations and auctions of assets aggregating about $30 billion since 1995.

Its senior management is to remain with the company once the deal closes.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.