Ritchie Bros, IronPlanet, secure antitrust clearance, expected acquisition to close in few weeks
VANCOUVER--Ritchie Bros., the world's largest heavy equipment auctioneer and provider of end-to-end services has been granted unconditional antitrust clearance from the U.S. Department of Justice for the proposed acquisition of IronPlanet, a leading online marketplace for heavy equipment and other durable assets. Ritchie Bros. brand and high degree of customer trust, coupled with IronPlanet's digital prowess built on user friendly technology, will provide multiple product and channel offerings to the market, a spokesman said.
"Over the last three years, we've been successfully executing on a multi-channel diversification strategy to ensure that the company stays relevant and strong in a changing environment. In IronPlanet, we found a company that allows us to continue our rich history of innovation and gives us the tools and talent to transform into a digital information and insights powerhouse," said Ravi Saligram, Ritchie Bros. CEO. "The missions of our companies are aligned: deliver maximum choice and value to our customers. We look forward to bringing our combined pride and passion together under one umbrella to accelerate our growth initiatives and add shareholder value."
Greg Owens, IronPlanet chairman and CEO added, "The management team and employees of IronPlanet are enthusiastic about joining forces with Ritchie Bros. – the possibilities are endless when you merge brand strength with technology. We are inspired by the vision of leading a digital transformation in the industry."
The anticipated benefits of Ritchie Bros.' acquisition of IronPlanet are extensive and make a positive impact on the business internally and externally. Highlights include:
1) Pioneer a path into the future. Ritchie Bros. is a forward-thinking, growth-focused company that never stops innovating. By continuing to invest in technology and providing end-to-end support solutions, the company will continue to set a benchmark for equipment values across the globe.
2) Maximize opportunity for customers. The acquisition of IronPlanet is intended to provide the highest quality choices in asset disposition to best serve customers. The acquisition is the next step in Ritchie Bros.' diversification and multichannel strategy. As a successful player in the marketplace for nearly 60 years, Ritchie Bros.' unique business model and heritage of extraordinary customer relationships make it a leader in the industry.
3) Caterpillar Alliance. Ritchie Bros. also enters into a historic, long-term strategic alliance with Caterpillar, which will significantly strengthen its relationship with Caterpillar's independent dealers around the world by providing enhanced and continued access to a global auction marketplace to sell their used equipment.
The transaction is expected to close in the next few weeks. A new organizational structure will be announced after closing.
Ritchie Bros. and IronPlanet first announced the acquisition in August 2016.
Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is the world's largest industrial auctioneer, and one of the world's largest sellers of used equipment for the construction, transportation, agriculture, energy, mining, forestry and other industries. Ritchie Bros.™ asset management and disposition solutions include live unreserved public auctions with on-site and online bidding; EquipmentOne™, an online auction marketplace; Mascus, a global online equipment listing service; private negotiated sales through Ritchie Bros. Private Treaty; and a range of ancillary services, including financing and leasing through Ritchie Bros. Financial Services. Ritchie Bros. has operations in 19 countries, including 45 auction sites worldwide.
IronPlanet is a leading online marketplace for selling and buying used equipment and other durable assets and an innovative participant in the multi-billion dollar used equipment market. Founded in 1999 to transform the global used equipment market, IronPlanet has built a database of more than 1.5 million registered users worldwide. IronPlanet connects buyers and sellers of used equipment with its exclusive IronClad Assurance® equipment condition certification and family of brands, including IronPlanet®, GovPlanet®, TruckPlanet®, Cat Auction Services, Kruse Energy & Equipment AuctioneersSM, allEquip® and Asset Appraisal ServicesSM. IronPlanet is backed by Accel Partners, Kleiner Perkins Caufield & Byers, Caterpillar and Volvo.