Ritchie Bros. Auctioneers has announced that it has agreed to acquire AssetNation, Inc., an online marketplace for surplus and salvage assets.
VANCOUVER
Ritchie Bros. Auctioneers has announced that it has agreed to acquire AssetNation, Inc., a leading online marketplace and solutions provider for surplus and salvage assets.
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 its live unreserved auctions, a statement on the acquisition noted.
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 industries including energy, fleet and distribution, insurance and government. AssetNation is a privately-held company headquartered in Houston, Tex. with offices in Pittsburgh, Pa., Mexico City, Mexico and London, England.
Ritchie Bros. will expand its 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, the company said in a statement.
Ritchie Bros. has agreed to acquire 100 per cent of the issued and outstanding shares of AssetNation in an all cash deal valued at approximately US$64 million. The transaction is expected to close on or about May 15 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, reported Ritchie Bros.
Ritchie Bros. conducts hundreds of unreserved public auctions each year, selling a broad range of used and unused equipment, trucks and other assets used in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries.
It has over 110 locations in more than 25 countries, including 44 auction sites worldwide.
DCN NEWS SERVICES
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