Skip to main content
Open this photo in gallery:

People look at industrial equipment during a Ritchie Bros. auction in Nisku, Alta., on April 26, 2016.CODIE MCLACHLAN/The Canadian Press

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.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Report an editorial error

Report a technical issue

Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/03/24 11:50am EDT.

SymbolName% changeLast
RBA-T
Rb Global Inc
+0.23%104.35
RBA-N
Rb Global Inc
+0.46%77.1

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe