BigRentz, America’s largest rental equipment network, announced today that it had closed $15 million in private financing. This will allow it to expand its rental categories and ensure business continuity. The money was used to purchase Atlanta’s Equipment Management Group (EMG), which is a national provider of site services, and to merge with Lizzy Lift. Private investors provided the funding, as did Itochu Corp. telehandler rental bigrentz, a Global Fortune 500 firm with assets in excess of $90 billion.
Scott Cannon, CEO of BigRentz, stated that while we are aware of the economic and current state of the economy, BigRentz has ambitious growth plans and believes Itochu to be the best investment partner to execute its 10-year strategy. “We must acquire more customers and expand our offerings as part of that strategy. EMG complements BigRentz’s network of site services equipment such as waste management and storage containers. Our best-in-class rental technology will also benefit their large client base.
BigRentz has a significant share in the re-rental industry due to its ability provide greater geographical and inventory coverage than other providers. BigRentz boasts a network of over 8,500 rental yards, and has an estimated $50 billion worth of assets that can be rented. The annual rental market for construction equipment is a significant opportunity for BigRentz. It is expected to reach $121.6 million by 2024.
Itochu will increase its investment in BigRentz to help support BigRentz’s organic growth plans and acquisition plans. Masa Yoshikawa will be joining BigRentz’s board as manager of Construction Machinery Section, Construction Machinery & Industrial Machinery Department.
Yoshikawa stated that the success of our portfolio is a result of long-term investments in areas where our unique strengths can be leveraged and organic growth. “BigRentz was on our radar for a while and we believe that it has the potential to have an impact on other rental markets around the globe.
Itochu invests in new technologies and business models to reinvent its businesses. Itochu’s alliance with BigRentz will allow it to bring new value to the rental of construction equipment. Itochu plans to use both IoT networks and big data to increase its market share. Itochu will also share its business knowledge and global network with BigRentz to expand its network and find new solutions, with the ultimate goal being to increase corporate value. telehandler rental bigrentz.
The terms of the acquisition are not yet known. EMG’s Atlanta office will operate as a BigRentz region office.
EMG, based in Atlanta, works with national contractors to make it easier for them to order dumpsters, containers, and equipment for special projects. Itochu is a Fortune Global Company with approximately 110 bases in 63 nations. It engages in domestic trade, import/export and overseas trading of various goods such as textile, machine, metals and minerals, energy and chemicals, general products and realty. Information and communication technology and finance. Itochu’s acquisition strategy is “buy, Grow and Keep”.