Acquisition on the heels of Ritchie Bros.'s $136 million earned through online auctions in October
On Tuesday, Ritchie Bros., a global asset management and disposition company, closed the recently announced acquisition of 100 per cent of the equity in SmartEquip, for approximately $217.3 million.
The closing follows two online auctions, through which Ritchie Bros. generated more than $136 million in gross transaction value.
SmartEquip is an equipment lifecycle management platform which provides heavy equipment owners service and diagnostic support to each asset in their fleet, as well as enabling the electronic procurement of parts from original equipment manufacturers (OEMs) and their dealers. The company supports approximately $1 billion in annual transaction volume with more than 600 OEM brands, on behalf of fleet locations across North America, Europe and the Asia Pacific.
Ritchie Bros. is a global asset management and disposition company for buying and selling used heavy equipment, trucks and other assets. The company operates in a variety of sectors, including construction, transportation, agriculture, energy, oil and gas, mining and forestry.
"This acquisition expands our solution set and furthers our goal of providing the best customer experience as we transition from a traditional auctioneer to a global marketplace for insights, services and transaction solutions," said Ann Fandozzi, Ritchie Bros. CEO. "SmartEquip will enable us to offer asset-specific, full-lifecycle parts and service support to customers on behalf of our dealer and OEM partners."
SmartEquip Executive Chairman, Bryan Rich, said, "Ritchie Bros. is a perfect partner for us and our team is very excited to take the next growth step together. Through Ritchie Bros.' global customer base, this merger will accelerate SmartEquip's ability to support its rapidly growing footprint across our joint global marketplaces and customer base. We can't wait to get started!"
