Ritchie Bros cleared to acquire IronPlanet

By Joe Malone25 May 2017

127536 ritchie bros

Construction equipment auctioneer and distributor Ritchie Bros has announced it has received unconditional clearance from the US Department of Justice for its acquisition of IronPlanet.

The deal – which was announced in August last year – is worth US$758.5 million (€679 million).

US-based IronPlanet sells machinery primarily through online platforms, with weekly online auctions. In 2015, it sold around US$787 million (€704 million) worth of equipment.

Collectively, Ritchie Bros. and IronPlanet sold over US$3 billion (€2.7 billion) worth of equipment in the 12 months to 30 June, 2016.

Following the clearance, Ravi Saligram, Ritchie Bros CEO, 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.”

Mr Saligram added that the missions of the two companies were similar – wanting to deliver maximum choice and value to their customers.

The transaction is expected to close in the next few weeks. A new organisational structure will be announced after closing.

On completion of the IronPlanet acquisition last August, Ritchie Bros said it would also start an initial five-year strategic alliance with manufacturer Caterpillar which would see it become Caterpillar’s preferred global partner for live onsite and online auctions.

Caterpillar owns a minority stake in IronPlanet.

Delivered directly to your inbox, International Rental Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Latest News
Toyota launches new reach trucks
New low emissions reach truck models from Toyota offer safety improvements 
How to improve sustainable practices in rental
Appleton Column: When it comes to sustainability in the equipment rental sector, Kevin Appleton says businesses should stop the virtue-signalling and look for meaningful actions
Zeppelin Rental completes Luther integration
Move strengthen’s Zeppelin’s position in technology for traffic telematics
Murray Pollok Managing Editor Tel: +44(0)1505 850 043 E-mail: murray.pollok@khl.com
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: simon.kelly@khl.com