Ritchie Bros., an international asset management and disposition company based in Toronto, Canada, recently announced the completion of its acquisition of SmartEquip, a multi-manufacturer digital platform, according to a press release from Ritchie Bros.
Ritchie Bros. has purchased 100% of the equity in SmartEquip for $175 million, subject to adjustment, according to the conditions of the acquisition.
"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," Ritchie Bros CEO Ann Fantozzi said in the release. "SmartEquip will enable us to offer asset-specific, full-lifecycle parts and service support to customers on behalf of our dealer and OEM partners."
Ritchie Bros. offers customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets.
SmartEquip's digital platform is used by over 600 original equipment manufacturer (OEM) brands, resulting in roughly $1 billion worth of transactions being completed annually.
"Ritchie Bros. is a perfect partner for us and our team is very excited to take the next growth step together," Bryan Rich, SmartEquip's executive chairman, said in the release. "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!"
SmartEquip, which has 60 workers and is located in Connecticut, will continue to operate independently after the acquisition. SmartEquip supports clients in North America, Europe, and the Asia Pacific region.