Ritchie Bros and IronPlanet secure unconditional antitrust clearance from US Department of Justice; Acquisition expected to close in next few weeks

02 Jun 2017 Editorial Team

Historic acquisition is expected to transform the company and industry through complementary brands, innovative digital technology, product offerings in multiple channels and expanded global reach.

Unprecedented customer choice through multi-channel product offerings for used equipment sellers and buyers.
Combined company will leverage Ritchie Bros unique business model and financial strength with IronPlanet's online expertise and powerful inspection system to further solidify position as the premier global asset management and disposition company.
New organisation, led by veteran CEO Ravi Saligram, will bring together two strong management teams with complementary strengths and unique skill sets to accelerate growth.
Ritchie Bros will become Caterpillar's preferred global partner for live onsite and online auctions of used equipment through a strategic alliance.

Ritchie Bros, the world's largest heavy equipment auctioneer and provider of end-to-end services has received unconditional antitrust clearance from the US Department of Justice for the proposed acquisition of IronPlanet(R), a leading online marketplace for heavy equipment and other durable assets. Ritchie Bros’ outstanding brand reputation and high degree of customer trust, coupled with IronPlanet's digital prowess built on user-friendly technology, will provide multiple product and channel offerings.

Ravi Saligram, CEO, Ritchie Bros, says, “Over the last three years, we have 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,” He adds, “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, Chairman and CEO, IronPlanet, adds, “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) Maximise 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 organisational structure will be announced after closing.

Ritchie Bros and IronPlanet first announced the acquisition in August 2016.

Historic acquisition is expected to transform the company and industry through complementary brands, innovative digital technology, product offerings in multiple channels and expanded global reach. Unprecedented customer choice through multi-channel product offerings for used equipment sellers and buyers. Combined company will leverage Ritchie Bros unique business model and financial strength with IronPlanet's online expertise and powerful inspection system to further solidify position as the premier global asset management and disposition company. New organisation, led by veteran CEO Ravi Saligram, will bring together two strong management teams with complementary strengths and unique skill sets to accelerate growth. Ritchie Bros will become Caterpillar's preferred global partner for live onsite and online auctions of used equipment through a strategic alliance. Ritchie Bros, the world's largest heavy equipment auctioneer and provider of end-to-end services has received unconditional antitrust clearance from the US Department of Justice for the proposed acquisition of IronPlanet(R), a leading online marketplace for heavy equipment and other durable assets. Ritchie Bros’ outstanding brand reputation and high degree of customer trust, coupled with IronPlanet's digital prowess built on user-friendly technology, will provide multiple product and channel offerings. Ravi Saligram, CEO, Ritchie Bros, says, “Over the last three years, we have 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,” He adds, “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, Chairman and CEO, IronPlanet, adds, “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) Maximise 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 organisational structure will be announced after closing. Ritchie Bros and IronPlanet first announced the acquisition in August 2016.