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Ritchie Bros. and IronPlanet Secure Unconditional Antitrust Clearance from the U.S. Department of Justice; Acquisition is Expected to Close in the Next Few Weeks

Ritchie Bros., has announced the receipt of unconditional antitrust clearance from the U.S. Department of Justice for the proposed acquisition of IronPlanet, an online marketplace for heavy equipment and other durable assets. Ritchie Bros. outstanding brand reputation and high degree of customer trust, coupled with IronPlanet's digital prowess built on user friendly technology, will provide multiple product and channel offerings to customers.

"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," said Ravi Saligram, Ritchie Bros. CEO. "The missions of our companies are aligned: deliver maximum choice and value to our customers. We look forward to bringing our combined pride and passion together under one umbrella to accelerate our growth initiatives and add shareholder value."

Greg Owens, IronPlanet chairman and CEO added, "The management team and employees of IronPlanet are enthusiastic about joining forces with Ritchie Bros. - the possibilities are endless when you merge brand strength with technology. We are inspired by the vision of leading a digital transformation in the industry."

The anticipated benefits of Ritchie Bros.' acquisition of IronPlanet are extensive and make a positive impact on the business internally and externally. Highlights include:

1) Pioneer a path into the future. Ritchie Bros. is a forward-thinking, growth-focused company that never stops innovating. By continuing to invest in technology and providing end-to-end support solutions, the company will continue to set a benchmark for equipment values across the globe.

2) Maximize opportunity for customers. The acquisition of IronPlanet is intended to provide the highest quality choices in asset disposition to best serve customers. The acquisition is the next step in Ritchie Bros.' diversification and multichannel strategy. As a successful player in the marketplace for nearly 60 years, Ritchie Bros.' unique business model and heritage of extraordinary customer relationships make it a leader in the industry.

3) Caterpillar Alliance. Ritchie Bros. also enters into a historic, long-term strategic alliance with Caterpillar, which will significantly strengthen its relationship with Caterpillar's independent dealers around the world by providing enhanced and continued access to a global auction marketplace to sell their used equipment.

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

Company Info

  • Ritchie Bros. Auctioneers

    9500 Glenlyon Parkway
    Burnaby , BC
    CA , V5J 0C6

    Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is the world's largest industrial auctioneer, and one of the world's largest sellers of used equipment for the construction, transportation, agriculture, energy, mining, forestry and other industries. Ritchie Bros.™ asset management and disposition solutions include live unreserved public auctions with on-site and online bidding; EquipmentOne™, an online auction marketplace; Mascus, a global online equipment listing service; private negotiated sales through Ritchie Bros. Private Treaty; and a range of ancillary services, including financing and leasing through Ritchie Bros. Financial Services. Ritchie Bros. has operations in 19 countries, including 45 auction sites worldwide.

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  • IronPlanet

    3825 Hopyard Road, Suite 250
    Pleasanton , CA
    US , 94588-8528

    IronPlanet is a leading online marketplace for selling and buying used equipment and other durable assets and an innovative participant in the multi-billion dollar used equipment market. Founded in 1999 to transform the global used equipment market, IronPlanet has built a database of more than 1.5 million registered users worldwide. IronPlanet connects buyers and sellers of used equipment with its exclusive IronClad Assurance® equipment condition certification and family of brands, including IronPlanet®, GovPlanet®, TruckPlanet®, Cat Auction Services, Kruse Energy & Equipment AuctioneersSM, allEquip® and Asset Appraisal ServicesSM. IronPlanet is backed by Accel Partners, Kleiner Perkins Caufield & Byers, Caterpillar and Volvo

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Industry News

Ditch Witch partners with Vacuworx

Vacuum lifting technology offers an effective approach to moving materials on tough concrete demolition and construction, road and landscaping projects. Ditch Witch, a Charles Machine Works Company, has partnered with Tulsa-based Vacuworx to bring the benefits of vacuum lifting technology to an expanded network of underground construction contractors, landscapers, municipalities and utilities.

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Are all excavators the same?

Among the top brands, many believe all excavators are the same. But when you look closely, you can spot the small differences in design that add up to huge differences in productivity and efficiency — differences that can boost your profitability. 


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Industry News

Granite Acquires LiquiForce

Granite Acquires LiquiForce

Granite Construction Incorporated has announcedthat it has acquired LiquiForce, a privately-owned company which serves public and private sector water and wastewater customers in both Canada and the U.S. Today, LiquiForce provides a variety of underground contracting services including lateral liner rehabilitation, mainline Cured-in-Place Pipe (CIPP), project management, manhole rehabilitation, and mainline point repairs. In addition, they are recognized as a leader for their patented LiquiForce Junction Lateral Liner. Through this acquisition, we welcome more than 100 employees to the Granite team. Going forward, LiquiForce will continue to operate from offices in Kingsville, Ontario, Hamilton, Ontario, and Romulus, Michigan. The transaction is expected to be immediately accretive to Granite's 2018 earnings per share.

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Ditch Witch of Houston's Robbin Womack honoured as top Ditch Witch salesperson worldwide

Ditch Witch honours Robbin Womack (centre) with the 2017 Lowell Highfill Award.

Ditch Witch recognized Robbin Womack of Ditch Witch of Houston with the 2017 Lowell Highfill Award – the organization's most prestigious award for salespeople worldwide. This award is presented annually to the top individual salesperson in the global Ditch Witch organization for his/her superior product knowledge and performance in promoting and marketing Ditch Witch products, jobsite solutions and services. 

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Equipment Sales & Service Limited recognized as Platinum Club winner of Canada’s Best Managed Companies

Equipment Sales & Service Limited recognized as Platinum Club winner of Canada’s Best Managed Companies

Equipment Sales & Service Limited (ESS) has been recognized for overall business performance and sustained growth with the prestigious Canada's Best Managed Companies designation. The 2018 Best Managed program award winners are among the best-in-class of Canadian owned and managed companies with revenues over $15 million demonstrating strategy, capability and commitment to achieve sustainable growth. Having achieved the Best Managed designation for seven consecutive years, ESS joins an elite group of companies that have attained Platinum Club status.

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Volvo adds three new models to its wheeled excavator lineup

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Versatile on the jobsite

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Water & Sewer Rehabitiation

New, low-profile Ditch Witch HX vacuum excavators enhance performance on compact and large-scale jobs

Ditch Witch HX30

Ditch Witch has released a new, advanced lineup of vacuum excavators to boost operator productivity and versatility on municipality and underground construction jobs. The new HX-Series models feature innovative and patent-pending designs that meet the diverse and evolving customer needs on a range of applications - from compact, urban projects to large-scale excavation, potholing, slot trenching and microtrenching applications.

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Water & Sewer Rehabitiation

Revised weight regulations in Ontario behind the design of new vacuum excavator truck

Regulations focused on various types of trucks and equipment in the province of Ontario have had a small loophole in them for quite some time – a fact discovered recently by the Provincial Government during a licensing review that was undertaken to raise fees on heavy commercial vehicles. For owners of vacuum excavators, the loss of that loophole may mean a loss of payload, which would mean a loss of efficiency. One long-standing Ontario dealer, Joe Johnson Equipment (JJE), took the concerns expressed by its customers straight to the manufacturer, Vactor Manufacturing, which has responded by developing a truck that can meet regulations both in Ontario and throughout other regions where operators face weight-limit challenges.

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Tunneling

Veteran Robbins TBM plays a Main Role in Ending Residential Flooding

In Chicago, Illinois, USA Kenny Construction is nearing completion on the Albany Park Stormwater Diversion Tunnel. The project, owned by the Chicago Department of Transportation, will divert water from the Albany Park neighborhood, which has long been plagued by flooding. Plans for the tunnel began in 2013, after flood conditions became so severe that residents had to be evacuated from the area by boat. The tunnel is expected to be functional by April 2018.

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Industry News

Hobas announces new vice president of sales

Hobas announces new vice president of sales

HOBAS Pipe USA a supplier of large diameter fiberglass pipe has announced that Martin Dana has joined the HOBAS management team as the new Vice President of Sales. Martin is an 18-year veteran of Northwest Pipe Company and most recently served in the capacity of Executive Vice President of Business Development and Strategy.  He is a well-rounded, dynamic senior executive with functional experience in finance, operations and sales. 

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Cat S61 smartphone is packed with integrated tools of the trade

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Horizontal Directional Drilling

Radius HDD Over-Bit Reamer

Radius HDD Over-Bit Reamer

Designed and tested with the help of small bore contractors, the Radius HDD Over-Bit Reamer easily attaches to an existing rock bit without breaking a single connection. The Radius Over-Bit Reamer only needs 16 inches of clearance. With the pilot tool still attached, the sonde can be used to track progress through tight easements during pullback. The Radius Over-Bit Reamer is available in 6- and 8-inch sizes with a variety of cutting styles.

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Water & Sewer Rehabitiation

Cusco introduces new sewer jetter

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Industry News

Canadian equipment rental revenue expected to reach $5.35 billion in 2018

Canadian equipment rental revenue  expected to reach $5.35 billion in 2018

In its latest five-year forecast, the American Rental Association (ARA) expects equipment rental industry revenue to continue to grow consistently in the United States over the next five years, resulting in total revenue of $59.6 billion in 2021. According to the ARA Rental Market Monitor™ five-year forecast updated in February, total rental revenue in the U.S. is expected to grow by 4.5 percent in 2018 to reach $51.5 billion, 5.6 percent in 2019, 5 percent in 2020 and 4.4 percent in 2021. The February forecast is identical to the previous forecast released in November 2017 for 2018, with slight upticks in the expected revenue growth rates for 2019 through 2021.

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Atlas Copco PAS pumps make first appearance at The Rental Show

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Horizontal Directional Drilling

Vermeer and Mincon form distribution alliance for rock tools

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