Ritchie Bros. entered into a definitive agreement to acquire SmartEquip for approximately $175 million. 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.

“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,” Ann Fandozzi, CEO of Ritchie Bros., said. “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.”

SmartEquip is a multi-manufacturer platform that provides customers with real-time service and diagnostic support, customized via serial number, to each asset in their fleets. The company also enables the electronic procurement of parts from 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 region. SmartEquip has 60 employees and will continue to operate as a standalone business and maintain its physical presence in Norwalk, CT.

“Ritchie Bros. is a perfect partner for us, with over 60 years of experience and a global footprint,” Bryan Rich, executive chairman of SmartEquip, said. “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.”

Under the terms of the transaction, Ritchie Bros. will acquire 100% of the equity of SmartEquip for approximately $175 million, subject to adjustment.

Goldman Sachs is serving as exclusive financial advisor to Ritchie Bros. and Dorsey & Whitney and Dechert is serving as its legal advisors. Houlihan Lokey is serving as financial advisor to SmartEquip and Robinson+Cole is serving as its legal advisor.