Ritchie Bros. completed its acquisition of SmartEquip, a technology platform that supports the management of the equipment lifecycle and integrates parts procurement with both OEMs and dealers.
“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,” Ann Fandozzi, CEO of Ritchie Bros., said. “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 is a multi-manufacturer platform that provides real-time service and diagnostic support customized via serial number to each asset in a fleet as well as 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, and our team is very excited to take the next growth step together,” Bryan Rich, executive chairman of SmartEquip, said. “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.”
Goldman Sachs is serving as exclusive financial advisor to Ritchie Bros. and Dorsey & Whitney and Dechert are serving as its legal advisors. Houlihan Lokey is serving as financial advisor to SmartEquip and Robinson+Cole is serving as its legal advisor.
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