2016 was a very busy year for Ritchie Bros. Here is a recap of their corporate acquisitions last year:
In the 3rd Qtr, Ritchie Bros acquired Ironplanet for $758.5M. “Together with IronPlanet, we will create a combined company of trusted brands with the ability to provide customers around the world with a greater number of choices and platforms to sell, buy and list equipment when, where and how they want – whether onsite or online. Our commitment to diversifying our offerings is directly in line with customer demand for multiple selling and buying solutions,” said Ravi Saligram, Chief Executive Officer of Ritchie Bros.- Again in the 3rd Qtr, Ritchie Bros acquired Petrowsky Auctioneers for $7M. “Petrowsky’s strong focus on customer relationships, trusted auction brand and well‐established market presence in New England will strengthen Ritchie Bros. offering in this important region,” said Ravi Saligram, CEO of Ritchie Bros.
- In the 4th Qtr, Ritchie Bros acquired Kramer Auctions which is located in Canada. “For more than six decades Kramer Auctions has developed strong, trusted farming relationships and deep community roots across the Canadian prairies, which has positioned the business as a leading agricultural auctioneer in Western Canada.” “Their family values, intense customer focus and innovative approach to delivering exceptional on‐the‐farm auctions are shared by the Ritchie Bros. team,” added Ravi.
- In the 3rd Qtr, Ritchie Bros made a strategic investment into Machinio. Ravi commmented, “Our investment in Machinio demonstrates our desire to find even more ways to support the equipment industry and serve the various needs of equipment owners. Machinio’s scalable model uses innovative technologies to provide buyers with the widest assortment of equipment listings on the web, while also driving lead generation for equipment sellers.”
- In the 3rd Qtr, Ritchie Bros acquired 40% of Ritchie Bros Financial Services. “Ritchie Bros. Financial Services is an important component of our full‐service offering, catering to the financing needs of equipment buyers – including those purchasing through Ritchie Bros. auctions and EquipmentOne, where financing permits more customers to bid with the power of cash. As we continue to execute on our financial services growth strategy, we expect to help more customers by further expanding our reach and penetration across all our current and future sales channels,” said Ravi.
- In the 3rd Qtr, Ritchie Bros announced a strategic alliance with Caterpillar as a result of the acquisition of Ironplanet. As quoted from their press release, “Under the terms of the agreement, Ritchie Bros. will become Caterpillar’s preferred global partner for live onsite and online auctions with respect to used Caterpillar equipment, and will complement Caterpillar’s existing dealer channels. Ritchie Bros. will provide Caterpillar and its dealers with access to proprietary auction platforms, software and other value-added services, thereby enhancing the exchange of information and services between customers, dealers and suppliers. The strategic alliance is also expected to strengthen Ritchie Bros.’ relationship with Caterpillar’s independent dealers around the world by providing them enhanced and continued access to a global auction marketplace to sell their used equipment.”
By the looks of the ascending market price, they are making the best business decisions and making the clear statement they are here to take over.
