Itochu takes stake in BigRentz
US based rental network BigRentz has finalised $15 million in funding from private investors and a new lead investor, Itochu.
The company is using the proceeds to acquire Atlanta based Equipment Management Group, a site services provider, and complete its deal with Lizzy Lift. See BigRentz to merge with Lizzy Lift
Chief executive Scott Cannon said: “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.”
Itochu says that it is ready to step up its investment in BigRentz to support organic growth and further acquisition plans. Masa Yoshikawa, of Itochu will join the BigRentz’s Board of Directors. Speaking of the investment he said: “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 in the world.”