Ritchie Bros Auctioneers to acquire AssetNation
Ritchie Bros Auctioneers announced that it has agreed to acquire AssetNation, Inc., a leading online marketplace and solutions provider for surplus and salvage assets.
Salvage will expand the services currently offered by Ritchie Bros Auctioneers
Ritchie Bros intends to continue to grow AssetNation's core business as well as to leverage their e-commerce expertise and technology platform to develop and launch unique new services for equipment owners whose buying and selling preferences may not be met by the Company's live unreserved auctions.
AssetNation uses its best-in-class technology platform, strong management and employee team, deep e-commerce expertise and family of global online marketplaces to support buyers and sellers of surplus and salvage assets. AssetNation is active in a number of industry verticals including energy, fleet and distribution, insurance and government. AssetNation is a privately-held company headquartered in Houston, TX with offices in Pittsburgh, PA, Mexico City, MX, and London, UK.
The new solutions Ritchie Bros plans to develop, along with other capabilities that the company will add with partners, will be unique in the equipment industry. They will expand the Ritchie Bros service offering and provide a transparent and efficient way for the non-auction segment of the market to buy and sell equipment. The new services will not be auction services and will align with the Company's mission to create compelling business solutions that enable the world's builders to easily and confidently exchange equipment.
Ritchie Bros has agreed to acquire 100% of the issued and outstanding shares of AssetNation in an all cash deal valued at approximately US$64m. The transaction is expected to close on or about May 15, 2012, and is subject to customary closing conditions. The transaction will be funded mainly by bank debt and is expected to have an immaterial impact on Ritchie Bros financial results in 2012 and 2013.
For more information visit: www.ritchiebros.com
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