One of Burnaby’s biggest companies is growing even bigger.
Ritchie Bros. Auctioneers says it has signed a deal to buy U.S. company SmartEquip for US$175 million.
SmartEquip helps customers with spare parts purchasing and real-time service and diagnostic support for equipment.
Ritchie Bros. says the deal helps further its strategy to move beyond being a traditional auctioneer of used heavy equipment.
CEO Ann Fandozzi says SmartEquip will allow the company to offer asset-specific parts and service support on behalf of its dealer and OEM partners.
The deal is subject to customary closing conditions.
Ritchie Bros. says SmartEquip has 60 employees and will continue to operate as a stand-alone business and maintain its physical presence in Norwalk, Conn.
Ritchie Bros. is best known for facilitating sales of heavy equipment and trucks through live auctions and online bidding, while SmartEquip specializes in helping enterprise consumers acquirement equipment parts, such as for large fleets, and managing equipment service.
The Connecticut-based company does about US$1 billion annually in transactions for more than 600 brands.
The SmartEquip deal marks the third major acquisition for Ritchie Bros. in the past 11 months, during which it paid US$275 million for U.S. data firm Rouse Services LLC and £775 million ($1.35 billion) for competitor Euro Auctions UK Ltd.
Ritchie Bros. has spent about $1.92 billion on acquisitions since last October.
- With additional reporting by Tyler Orton, Business in Vancouver, and the Canadian Press
