Ritchie Bros..’ the acquisition of SmartEquip, which was announced at the end of September, is now finalized
VANCOUVER, BC, November 2, 2021 /PRNewswire/ – Ritchie Bros.. (NYSE: RBA) (TSX: RBA) today announced that it has completed the acquisition of SmartEquip, an innovative technology platform that supports customer lifecycle management of equipment and integrates parts from OEMs and dealers.
“This acquisition expands our set of solutions and continues our goal of providing the best customer experience as we move from a traditional auctioneer to a global marketplace for transaction information, services and solutions,” said Anne FandozziChief Executive Officer, Ritchie Bros.. “SmartEquip will enable us to offer customers asset-specific parts and service on behalf of our resellers and OEM partners.”
SmartEquip is a multi-vendor platform that provides customers with real-time, dynamically personalized diagnostic service and support, via serial number, for every asset in their fleet, as well as enabling electronic purchasing of parts from equipment manufacturers and their dealers. The company supports approx. $1 billion in annual volume of transactions with more than 600 OEM brands, on behalf of fleets across North America, Europeand the Asia Pacific. SmartEquip has 60 employees and will continue to operate as a stand-alone business and maintain its physical presence in Norwalk, Connecticut in the foreseeable future.
“Ritchie Bros.. is an ideal partner for us and our team is very excited to take the next step of growth together,” said rich bryan, Executive Chairman of SmartEquip. “By Ritchie Bros..’ global customer base, this merger will accelerate SmartEquip’s ability to support its rapidly growing footprint in our shared global markets and customer base. We can’t wait to get started!”
Under the terms of the transaction, Ritchie Bros.. acquired 100% of the capital of SmartEquip for approximately $175 million subject to adjustment.
Goldman Sachs & Co. LLC is the exclusive financial advisor to Ritchie Bros.. and Dorsey & Whitney LLP and Dechert LLP are acting as legal advisors. Houlihan LokeyInc. is financial advisor to SmartEquip and Robinson+Cole, LLP is legal advisor.
On Ritchie Bros..:
Created in 1958, Ritchie Bros.. (NYSE and TSX: RBA) is a global asset management and disposition company, providing clients with end-to-end solutions for the purchase and sale of heavy equipment, trucks and other assets second hand. Operating in a number of sectors, including construction, transportation, agriculture, energy, oil and gas, mining and forestry, the company’s sales channels include: Ritchie Bros.. Auctioneers, the world’s largest industry auctioneer, offers live auction events with online bidding; IronPlanet, an online marketplace offering weekly auctions and providing exclusive IronClad Assurance® equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Ritchie lista self-service registration service for North America; Mascus, a European leader in online equipment referencing; and Ritchie Bros.. Over-the-counter treaty, offering negotiated over-the-counter sales. The Company’s solution suite also includes Ritchie Bros.. Asset Solutions and Rouse Services LLC, which together provide a comprehensive end-to-end asset management, data-driven intelligence and performance benchmarking system. Ritchie Bros.. also offers industry solutions such as GovPlanet, TruckPlanet and Kruse Energy, as well as equipment financing and leasing through Ritchie Bros.. Financial services. For more information on Ritchie Bros.., visit RitchieBros.com.
Photos and video for inclusion in media reports are available at rbauction.com/media.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable United States and Canadian securities laws (collectively, “forward-looking statements”), including, in particular, statements regarding the benefits and synergies of SmartEquip transaction, future opportunities for the combined businesses of Ritchie Bros.. and SmartEquip, future financial and operating results, and any other statements regarding events or developments that Ritchie Bros.. believes or anticipates that it will or may occur in the future. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”. , “potential”, “schedule”, “expect”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or statements that events or conditions “will”, “would”, “could”, “could”, “should” or “could” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements necessarily involve assumptions, risks and uncertainties, some of which go beyond Ritchie Bros..’ control, including risks and uncertainties relating to: general economic conditions and conditions affecting the industries in which Ritchie Bros.. and SmartEquip are working; Ritchie Bros..’ ability to successfully integrate SmartEquip operations and employees with Ritchie Bros..’ existing business; the ability to realize the growth and synergies anticipated in the SmartEquip transaction; maintaining significant business relationships; the effects of the SmartEquip transaction on relationships with employees, customers, other business partners or government entities; transaction costs; deterioration or instability in the economy, the markets we serve, or financial markets generally; as well as the risks and uncertainties set forth in Ritchie Bros..’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020and Ritchie Bros..’ Form 10-Q for the quarter ended June 30, 2021each of which is available on the SEC, SEDAR and Ritchie Bros..’ website. The foregoing list is not exhaustive of factors that may affect Ritchie Bros..’ forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, and actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are made as of the date of this press release and Ritchie Bros.. does not undertake to update the information contained herein, except as required by applicable securities laws. For the reasons set forth above, you should not place undue reliance on forward-looking statements.
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