Investment Summary

Pinewell Capital and Sumitomo Exits VeriTread

On January 9, 2023, RB Global invested in transportation company VeriTread from Pinewell Capital and Sumitomo

Investment Highlights
  • This is RB Global’s 1st transaction in the Transportation sector.
  • This is RB Global’s 9th transaction in the United States.
  • This is RB Global’s 1st transaction in Florida.

Investment Summary

Date 2023-01-09
Target VeriTread
Sector Transportation
Investor(s) RB Global
Sellers(s) Pinewell Capital
Sumitomo
Deal Type Add-on Acquisition

Target

VeriTread

Lakeland, Florida, United States
VeriTread provides an online transportation marketplace that connects construction equipment owners with transportation service providers. VT enhances its products by providing a suite of innovative decision tools, enabling customers to make smarter, more effective arrangement of heavy-haul transportation. VeriTread was founded in 2013 and is based in Lakeland, Florida.

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Investor(S) 1

Investor

RB Global

Westchester, Illinois, United States

Category Company
Founded 1958
Sector Business Services
Employees7,900
Revenue 4.3B USD (2024)
DESCRIPTION

RB Global is an omnichannel marketplace specializing in insights, services, and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. RB Global was founded in 1958 and is based in Westchester, Illinois.


DEAL STATS #
Overall 12 of 14
Sector: Transportation M&A 1 of 1
Type: Add-on Acquisition M&A Deals 11 of 13
State: Florida M&A 1 of 1
Country: United States M&A 9 of 11
Year: 2023 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-27 SmartEquip

Norwalk, Connecticut, United States

SmartEquip is a multi-manufacturer platform that provides customers with real-time service and diagnostic support, dynamically customized, via serial number, to each asset in their fleet, as well as enabling the electronic procurement of parts from OEMs and their dealers. SmartEquip is based in Norwalk, Connecticut.

Buy $175M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-20 IAA

Westchester, Illinois, United States

IAA is a provider of automotive salvage auction and claims processing services. The company's platform facilitates the marketing and sale of total loss, damaged, and low-value vehicles for a range of sellers. IAA was founded in 1982 and is based in Westchester, Illinois.

Buy -

Seller(S) 2

DESCRIPTION

Pinewell Capital LLC is a private investment firm focused on acquiring and investing in a small business valued between $3 and $30 million. The Firm targets profitable companies with up to $15 million of EBITDA and will consider opportunities throughout North America with a preference for Southwest US-based companies. Prospective transaction situations include buyouts, divestitures, recapitalizations, distressed situations, and select minority investment situations. Pinewell Capital is based in Scottsdale, Arizona.


DEAL STATS #
Overall 1 of 1
Sector: Transportation M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: Florida M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-24 Dickens Quality Demolition

Phoenix, Arizona, United States

Dickens Quality Demolition is a provider of demolition services. The company specializes in large commercial wrecking and concrete saw-cutting. Dickens Quality Demolition was founded in 1997 and is based in Phoenix, Arizona.

Buy -
SELLER

Sumitomo

Tokyo, Japan

Category Company
Founded 1919
Sector Distribution
Employees74,920
Revenue 7.29T JPY (2025)
DESCRIPTION

Sumitomo is a global network and based on trust from companies in various industries and from consumers, Sumitomo Corporation engages in multifaceted business activities by making the most of its Integrated Corporate Strength. These business activities include sales of a variety of products and services within Japan, import and export, trilateral trade, and domestic and international business investment. Sumitomo was founded in 1919 and is based in Tokyo, Japan.


DEAL STATS #
Overall 7 of 9
Sector: Transportation M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 2
State: Florida M&A 1 of 1
Country: United States M&A 3 of 5
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-06 HawkEye 360

Herndon, Virginia, United States

HawkEye 360 is a provider of geospatial information solutions that will use radio frequency (RF) technology to help monitor global activity across air, land, and sea and assist with emergencies. HawkEye 360 was founded in 2015 and is based in Herndon, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-08 Saconix

Dallas, Texas, United States

Saconix is an independent provider of logistics, marketing, and distribution of sulfuric acid in the United States. It continues the tradition of high-quality customer service previously marketed under the Martin Product Sales banner while growing capabilities with customer-focused investment. Saconix is based in Dallas, Texas.

Buy -