BigRentz Closes $ 15 Million Private Investment, Acquires National Site Service Provider
IRVINE, Calif .– (COMMERCIAL THREAD) – BigRentz, the nation’s largest construction equipment rental network, today announced it has closed $ 15 million in private financing that will allow it to expand its rental category expansion and maintain the continuity of its activities. The investment was used to acquire Atlanta-based Equipment Management Group (EMG), a national provider of site services, and the previously announced merger with Lizzy Lift. The funding comes from private investors and the new lead investor, ITOCHU Corporation, a Global Fortune 500 company with assets totaling more than $ 90 billion.
“While we are aware of the current health and economic landscape, we have ambitious growth plans and believe ITOCHU is the ideal investment partner to help us execute our 10-year strategy,” commented Scott Cannon, President – CEO of BigRentz. “Part of this strategy is to acquire more customers and expand our offerings. EMG greatly compliments the BigRentz network with its on-site service facilities, such as waste management, storage containers and portable toilets. Plus, their large, long-term customer base will now benefit from our best-in-class rental technology. ”
BigRentz has a significant share of the relocation market due to its ability to provide greater geographic and inventory coverage than any other provider. BigRentz has a digitally automated network of more than 8,500 rental fleets and approximately $ 50 billion in assets available for rental. Globally, the annual construction equipment rental market represents a significant opportunity for BigRentz as it is expected to reach $ 121.6 billion by 2024.
ITOCHU is positioned to scale up its investment with BigRentz to support BigRentz’s organic growth and acquisition plans. Masa Yoshikawa, Director, Construction Machinery Section, Construction Machinery and Industrial Machinery Department, will join the BigRentz Board of Directors.
“The success of our portfolio stems from making long-term investments in areas where we can leverage our distinctive strengths and add value through organic growth,” noted Masa. “BigRentz has been on our radar for some time and believes it is well positioned to impact other rental markets around the world.”
ITOCHU is reinventing its businesses by investing in new generation technologies and new economic models. Through its alliance with BigRentz, ITOCHU will create new value in the field of construction equipment rental with the use of both networks, IoT and big data. Additionally, ITOCHU will share its business know-how and global network with BigRentz so that it can expand its network and create new solutions with the ultimate goal of increasing business value.
Terms of the acquisition were not disclosed. EMG’s Atlanta office will now function as a regional office for BigRentz.
Atlanta-based EMG works with national contractors and retailers to simplify the way they order dumpsters, containers and equipment for special projects, construction, and deployments.
About ITOCHU Corporation
ITOCHU is a Fortune Global “sogo shosha” company with the strengths of a global network, vertical value chain integration and the best combination of strategic investment and organic growth. With around 110 bases in 63 countries, ITOCHU engages in domestic trade, import / export and overseas trade of various products such as textiles, machinery, metals, minerals, energy, chemicals, food, general products, real estate, information and communication technology, and finance, as well as business investment in Japan and abroad. ITOCHU is focused on a “buy, grow and hold” acquisition strategy. Visit https://www.itochu.co.jp/en/index.html.
BigRentz is an online construction equipment rental marketplace. Our 2,500 partners with 8,500 rental sites across the country represent the largest equipment rental network in the country. BigRentz is the industry leader in equipment rental using innovative technology to streamline the rental process for both customer and equipment rental partners. For our customers, we simplify the procurement and logistics challenges of renting construction equipment. For our equipment rental partners, we help increase their revenue, expand their reach and increase their overall usage. The types of equipment rented include aerial equipment: aerial work platforms and aerial work platforms; handling equipment: forklifts and telehandlers; earthmoving equipment: backhoes, skid steers and bulldozers; site services: dumpsters, light towers and storage containers; and specialty rentals for a variety of industries. Visit www.BigRentz.com.