Ritchie Bros is to acquire multi-manufacturer platform SmartEquip as part of a $175 million deal.
SmartEquip says on itswebsitethat it connects equipment owners and manufacturer suppliers all on one network. This network includes Komatsu Construction, Bomag andWacker Neuson.
RitchieCEO Ann Fandozzi says: “This acquisition furthers our goal of providing the best experience for our customers as we continue our transition from a traditional auctioneer to a marketplace for insights, services, and transaction solutions for commercial assets. SmartEquip will enable us to offer asset-specific, full-lifecycle parts and service support on behalf of our dealer and OEM partners to our buyers.”
Bryan Rich, SmartEquip’s executive chairman, says: “Through their global customer base, this merger will accelerate SmartEquip’s ability to support its rapidly growing footprint across our joint global marketplaces and engaged customer base. At closing, the existing SmartEquip team, including all senior management, will transition over and participate in the next growth stage of the SmartEquip network.”
SmartEquip provides customers with real-time service and diagnostic support, dynamically customised, via serial number, to each asset in their fleet, as well as enabling the electronic procurement of parts from OEMs and their dealers. The company has 60 employees and will continue to operate as a standalone business and maintain its physical presence in Norwalk, Connecticut, for the foreseeable future.
Completion of the acquisition is subject to customary closing conditions.
