Ritchie Bros. Auctioneers announced they are acquiring SmartEquip for about $175 million. The deal is in the closing process.
"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," said Ann Fandozzi, Chief Executive Officer, Ritchie Bros.
"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 connects customers with parts and service to hundreds of OEM brands across North America, Europe, and the Asia Pacific.
SmartEquip, which has 60 employees, will remain in Norwalk, CT.
"Ritchie Bros. is a perfect partner for us, with over 60 years of experience and a global footprint," said Bryan Rich, SmartEquip's Executive Chairman. "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."
