After two years of investment, Caterpillar is buying out the construction rental startup. Yard Club CEO Colin Evran stated that although the terms of the deal have not been confirmed the deal was closed earlier this week.
According to the Yard Club website it is an online platform that seeks to help construction professionals streamline day-to-day operations via the ability to remotely manage their new and used fleet of equipment.
The business relationship between Caterpillar and Yard Club initially involved the rental solutions company connecting with Caterpillar's dealer network and helping them rent and sell equipment to contractors and construction crews. This relationship led to over $120 million in transactions in 2016 according to yardclub.com.
Although Yard Club faces competition from other startups that include EquipmentShare and Getable, the company feels that being part of Caterpillar will enable them to bring more technology to the work site.
“Our visions are aligned. We were already working within the Caterpillar distribution network and they were an investor in our company,” stated Evran in a recent interview with
Today's top stories