Tokyo (SCCIJ) – Sumitomo Group has acquired a stake of Equippo, a global online marketplace for used construction machinery based in the city of Zug, Switzerland. With its new strategic and long-term partner from Japan, Equippo wants to scale further and internationalize its business and become the market leader in Europe. The Japanese group did not disclose the amount of investment.
Photogenic tracked excavator saying goodbye to its owner after 20 years
Europe as the biggest market
The global market for used excavators, bulldozers, trucks and other construction machinery has a volume of approximately USD 100 billion. Europe accounts for about USD 30 billion, which makes it the most significant market globally. So far, purchases and sales of used construction machinery have always faced obstacles due to the lack of transparency regarding quality and the complexity of logistics procedures. Besides, language barriers hampered transactions. As a result, brokers or go-betweens have mediated these transactions. But now, technological developments are bringing dramatic changes in the environment surrounding the construction machinery industry. For example, the companies are utilizing the Internet of Things at an accelerating pace. Equippo has developed a unique service and technical solution that facilitates efficient purchases and sales of used construction machinery by revolutionizing an online market offering.
Equippo founders Michael Rohmeder and Philipp Knobel from Switzerland
New functions offered
It is a safe, secure and convenient experience for both buyers and sellers and offers customers functions previously unavailable in conventional transactions: credible inspection results provided by independent inspectors, money-back guarantees, and logistics agency services. One of the company’s particular strengths is its in-house software development capabilities.
The company is active in 55 countries. Equippo was founded in 2014 by Michael Rohmeder and Philipp Knobel in Zug (Switzerland) with offices in Ilmenau (Germany), Zeebrugge (Belgium), Rotterdam (Netherlands) and Paris (France). Equippo continues to build platforms that are easy for its customers to use.
“Ideal partner” from Japan
“We are honored that Sumitomo, one of the largest and worldwide renowned Japanese companies, has decided to become a strategic investor in our company and supports us actively in our global expansion,” said Mr. Rohmeder, Co-Founder and CEO of Equippo. “Due to the international experience and network, the deep business and technological understanding, Sumitomo is the ideal partner for us. The investment evidences great vision on the future of our industry, and we share fundamental values like integrity and innovation.
Sumitomo Group is active in 66 countries and regions and engaged in renting, selling, and servicing construction machinery. The group with more than 900 companies is striving to become the “No. 1 One-Stop Solution Provider” enjoying high customer satisfaction around the world. By investing in Equippo, Sumitomo is seeking to utilize the Swiss platforms to focus on second-hand markets that have a close affinity to its existing businesses.
Text: SCCIJ with material of Sumitomo; Pictures: © Equippo
