IRVINE, Calif. (April 1, 2020)—BigRentz announced it closed $15 million in private funding that will enable it to broaden its rental category expansion and maintain business continuity.
The investment was used to acquire Atlanta-based Equipment Management Group (EMG), a national site services provider, and the previously announced merger with Lizzy Lift. The funding comes from private investors and new lead investor, ITOCHU Corporation.
“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,” said Scott Cannon, chairman and chief executive officer at BigRentz. “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.”
BigRentz is carving significant share of the re-rental market due to its ability to provide a greater geographic and inventory coverage than any other provider. BigRentz has a digitally automated network of more than 8,500 rental yards and an estimated $50 billion in assets available for rental.
Globally, the annual construction equipment rental market represents significant opportunity for BigRentz as it is projected to reach $121.6 billion by 2024. ITOCHU is positioned to step up its investment with BigRentz to support BigRentz’s organic growth and acquisition plans.
ITOCHU reinvents its businesses by investing in next-generation technologies and new business 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 it can expand its network and create new solutions with the ultimate goal of increasing corporate value. Terms of the acquisition were not disclosed. EMG’s Atlanta office will now operate as a BigRentz regional office.