Industry News Roundup: EquipmentShare Gains $230 Million in Funding
EquipmentShare says its new $230 million funding will help it launch its core T3 construction operating system and expand its suite of technology solutions.
“We are eager to leverage this milestone round to launch several initiatives, with the continued goal of empowering contractors and accelerating productivity in construction,” says Willy Schlacks, EquipmentShare president and co-founder.
The company says it will soon launch T3, a solution that digitizes and connects assets, people and materials. T3 will “give contractors real-time visibility into parts of the jobsite that are historically difficult to track and manage,” it says.
In addition, Columbia, Missouri-based EquipmentShare says it plans to significantly increase its footprint in the U.S. in 2021 and grow its total presence to more than 100 locations, including rental, retail and service. It now says it’s hiring 100 new employees a month.
The funding round was led by Tiger Global Management, The Spruce House Partnership and RedBird Capital Partners. Addition participation came from Tru Arrow Partners and EquipmentShare’s existing investorsRomulus, Insight Partners and Anchorage Capital Group.
tlas Copco adds Caisson Consultant
Caisson Consultant has been named a dealer for Atlas Copco Power Technique.
Caisson will provide sales, service warranty and application knowledge for Atlas Copco’s DrillAir high-pressure air compressors.
Incorporated in 2004, Caisson provides foundation equipment in the Ontario, Canada region, focusing on foundation drilling and geotechnical market segments. Specializing in piling, anchor, tieback and limited access machines, it offers technical support, rentals, sales, RPOs, tooling and wear parts.
Trophy Tractor builds Burleson facility
Trophy Tractor is adding a 28,000-square-foot facility on 13 acres in Burleson, Texas. The new facility will have eight service bays in a climate-controlled shop area, a 5,000-square-foot office space and a parts storage building.
The company specializes in providing new, used and reconditioned haul trucks, loaders, dozers, scrapers, excavators, along with a variety of other earthmoving equipment.
Hitachi hires customer care director
Hitachi Construction Machinery Loaders America has hired Marcelo Fazolin as its director of customer care.
In his new position, Fazolin will spearhead Hitachi’s After Sales Solution mission, which includes parts, support services, ConSite fleet management solution, global e-Service platform, remanufacturing and training.
Fazolin comes to Hitachi after global experience in automotive sales channels and supply chains.
Pitts Enterprises founder Andrew Pitts passes
Andrew Pitts Jr.Pitts Enterprises
Andrew Pitts Jr., 90, founder and former CEO of Pitts Enterprises, died on July 16th.
Pitts built his first logging trailer in 1976 and went on to found Pitts Enterprises, which manufactures a variety of forestry trailers, hydraulic elevating loader carrier trailers, open and closed top chip vans and moving floor vans. The company continues as a family business under the leadership of Andrew’s son, Jeff Pitts, who has lead the company as CEO since 2002.
Iron Capital adds RPO option for used equipment
Iron Capital says it is making rental purchase options to its product offerings, designed to fill a gap between rental and purchase options.
The company says the RPO options give contractors the ability to rent with the option to buy that applies a portion of the rental payments towards purchase. Iron Capital says its approach is unique in the North American used equipment market.
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