Ritchie Bros. has entered into a definitive agreement to acquire SmartEquip for approximately $ 175 million.
“This acquisition reinforces our goal of providing the best experience to our clients as we continue our transition from a traditional auctioneer to a marketplace of information, services and transaction solutions for commercial assets,” said Ann Fandozzi, CEO of Ritchie Bros. “SmartEquip will allow us to provide our buyers with asset-specific and lifecycle-specific parts and after-sales service on behalf of our dealer and OEM partners.”
SmartEquip is a multi-vendor platform that provides customers with dynamically customized, real-time diagnostic service and support, via serial number, for each asset in their fleet, as well as electronic parts procurement. from OEMs and their dealers. The company supports an annual transaction volume of approximately $ 1 billion with more than 600 OEM brands, on behalf of fleet sites in North America, Europe and Asia-Pacific. SmartEquip has 60 employees and will continue to operate as a stand-alone company and maintain its physical presence in Norwalk, Connecticut for the foreseeable future.
“Ritchie Bros. is an ideal partner for us, with over 60 years of experience and a global presence, ”said Bryan Rich, Executive Chairman of SmartEquip. “With their global customer base, this merger will accelerate SmartEquip’s ability to support its rapidly growing footprint in our common global markets and engaged customer base. Upon closing, the existing SmartEquip team, including all senior management, will transition and participate in the next phase of growth for the SmartEquip network. “
Under the terms of the transaction, Ritchie Bros. will acquire 100 percent stake in SmartEquip for approximately $ 175 million, subject to adjustment. Completion of the acquisition is subject to customary closing conditions, including, among other conditions, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
Source: Ritchie Bros.