- BigRentz, one of the nation’s largest construction equipment rental network, announced it raised $15 million in private funding and acquired Equipment Management Group
BigRentz — one of the nation’s largest construction equipment rental network — announced it raised $15 million in private funding. This will enable it to broaden its rental category expansion and maintain business continuity.
BigRentz simplifies the procurement and logistics challenges of renting construction equipment for its customers. And for its equipment rental partners, BigRentz helps drive their revenue, broaden reach, and increase their overall utilization. Some of the equipment that is rented include aerial equipment: boom lifts and scissor lifts; material handling equipment: forklifts and telehandlers; earthmoving equipment: backhoes, skid steers, and dozers; site services: dumpsters, light towers, and storage containers; and specialty rentals for a wide range of industries.
With the funding, BigRentz will be acquiring Atlanta-based Equipment Management Group (EMG) along with its previously announced merger with Lizzy Lift. EMG’s Atlanta office will operate as a BigRentz regional office.
This funding comes from private investors and new lead investor ITOCHU Corporation, which is a Global Fortune 500 company with assets totaling over $90 billion.
BigRentz has been driving a significant share of the re-rental market due to its ability for providing greater geographic and inventory coverage than any other provider. And BigRentz has a digitally automated network of over 8,500 rental yards and an estimated $50 billion in assets available for rental.
The annual construction equipment rental market presents a major opportunity for BigRentz as it is expected to hit $121.6 billion by 2024. Currently, BigRentz has about 2,500 partners with 8,500 rental yards
As a strategic investor, ITOCHU is positioned to work with BigRentz to support the company’s organic growth and acquisition plans. And Masa Yoshikawa, Manager Construction Machinery Section, Construction Machinery & Industrial Machinery Department, will join BigRentz’s Board of Directors.
Through the partnership with BigRentz, ITOCHU is going to create new value in the field of construction equipment rental with the use of both networks, IoT, and big data. And ITOCHU will share its business know-how and global network with BigRentz so it is able to expand its network and create new solutions with the ultimate goal of increasing corporate value.
Key Quotes:
“While we are cognizant of the current health and economic landscape, we have ambitious growth plans and believe ITOCHU is the ideal investment partner to help execute our 10-year strategy. Part of that strategy is acquiring more customers and expanding our offerings. EMG greatly compliments the BigRentz network with its site services equipment, such as waste management, storage containers, and portable toilets. Additionally, their expansive long-term client base will now benefit from our best in class rental technology.”
-Scott Cannon, Chairman and CEO at BigRentz
“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. BigRentz has been on our radar for some time and believe it is positioned to make an impact in other rental markets throughout the world.”
-Masa Yoshikawa
