Ritchie Bros.' acquisition of Rouse, which was
announced in late October, has now closed
VANCOUVER, BC, Dec. 8, 2020 /CNW/ - Ritchie Bros., the world's
largest heavy equipment auctioneer and provider of end-to-end
services (NYSE & TSX: RBA) today announced that it has
completed its acquisition of Rouse Services, a leading provider of
data intelligence and performance benchmarking solutions. By
working together, Ritchie Bros. and Rouse will enhance the data
analytics and service offerings available to its customers.
"Like Ritchie Bros., Rouse has spent decades building its
reputation as a trusted partner in the industrial equipment
industry," said Ann Fandozzi, Chief
Executive Officer, Ritchie Bros. "Rouse offers a complementary tool
kit to what we offer at Ritchie Bros. today. Together, we believe
we can accelerate both of our growth efforts by providing customers
more robust data, better service, and innovative solutions to help
their businesses run more efficiently. At Ritchie Bros. today, we
are more than auctions."
Beyond data and analytics, Rouse Services also offers highly
rated equipment sales support and fleet appraisals. Both these
services will continue under Ritchie Bros. and Rouse will maintain
its physical presence in Los Angeles,
CA for the foreseeable future.
"Both of our brands have been built around integrity and
professionalism and we are so excited to bring Rouse's solutions to
our customers around the world," added Ms. Fandozzi. "With Rouse as
part of the Ritchie Bros. family of solutions we increase
connectivity and deepen our already strong relationships with fleet
owners and asset-backed lenders. Together we are stronger and will
accomplish even greater things for our customers!"
Advisors:
RBC Capital Markets served as financial
advisor to Ritchie Bros. and Dorsey & Whitney LLP and Dechert
LLP served as legal advisors. Silvermark Partners LLC served
as financial advisor to Rouse Services and Manatt, Phelps &
Phillips, LLP served as legal advisor.
About Ritchie Bros.:
Established in 1958, Ritchie
Bros. (NYSE and TSX: RBA) is a global asset management and
disposition company, offering customers end-to-end solutions for
buying and selling used heavy equipment, trucks and other assets.
Operating in a number of sectors, including construction,
transportation, agriculture, energy, oil and gas, mining, and
forestry, the company's selling channels include: Ritchie
Bros. Auctioneers, the world's largest industrial auctioneer
offers live auction events with online bidding; IronPlanet, an
online marketplace with featured weekly auctions and providing the
exclusive IronClad Assurance® equipment condition
certification; Marketplace-E, a controlled marketplace offering
multiple price and timing options; Mascus, a leading
European online equipment listing service; and Ritchie Bros.
Private Treaty, offering privately negotiated sales. The Company's
suite of multichannel sales solutions also includes Ritchie Bros.
Asset Solutions, a complete end-to-end asset management and
disposition system. Ritchie Bros. also offers sector-specific
solutions including GovPlanet, TruckPlanet, and Kruse
Energy, plus equipment financing and leasing through Ritchie
Bros. Financial Services. For more information about Ritchie
Bros., visit RitchieBros.com.
Photos and video for embedding in media stories are
available at rbauction.com/media.
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable U.S.
and Canadian securities legislation (collectively, "forward-looking
statements"), including, in particular, statements regarding
potential benefits and synergies of the transaction between Ritchie
Bros. and Rouse, future opportunities for the combined businesses
of Ritchie Bros. and Rouse, future financial and operational
results and any other statements regarding events or developments
that Ritchie Bros. believes or anticipates 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", "forecast", "budget",
"estimate", "intend" or "believe" and similar expressions or their
negative connotations, or statements that events or conditions
"will", "would", "may", "could", "should" or "might" 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, certain of which are beyond Ritchie Bros.'
control, including risks and uncertainties related to: general
economic conditions and conditions affecting the industries in
which Ritchie Bros. and Rouse operate; Ritchie Bros.' ability to
successfully integrate Rouse's operations and employees with
Ritchie Bros.' existing business; the ability to realize
anticipated growth and synergies in the Rouse transaction; the
maintenance of important business relationships; the effects of the
Rouse transaction on relationships with employees, customers, other
business partners or governmental entities; transaction costs;
deterioration of or instability in the economy, the markets we
serve or the financial markets generally; as well as the risks and
uncertainties set forth in Ritchie Bros.' Annual Report on Form
10-K for the year ended December 31,
2019, and Ritchie Bros.' Form 10-Q for the quarter ended
September 30, 2020, each of which are
available on the SEC, SEDAR, and Ritchie Bros.' websites. The
foregoing list is not exhaustive of the 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 in, or implied by, these forward-looking statements.
Forward-looking statements are made as of the date of this news
release and Ritchie Bros. does not undertake any obligation to
update the information contained herein unless required by
applicable securities legislation. For the reasons set forth above,
you should not place undue reliance on forward-looking
statements.
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SOURCE Ritchie Bros.