Ritchie Bros. announced it has completed its purchase of IronPlanet, a transaction valued at roughly $758.5 million and financed through a senior note offering and secured term loan facility.
The company announced plans for the acquisition last August and it was approved by the U.S. Department of Justice’s Antitrust Division in May.
The deal also initiates a five-year alliance between Ritchie Bros. and Caterpillar aimed at strengthening the company’s relationship with Cat’s independent dealers worldwide with improved access to a global auction marketplace Ritchie Bros. will provide for used equipment.
Ritchie Bros. also continues its handling of Cat auctions “in respective Cat dealer geographies.”
“We are pleased that the acquisition of IronPlanet has been completed and I am delighted to welcome IronPlanet employees to the Ritchie Bros. family. Our shared passion for serving customers is loud and clear and it will continue to be our guiding light in the unified company,” says Ritchie Bros. CEO Ravi Saligram. “Our integration plans have been meticulously worked on during the last nine months: our combined senior management team will be in place Day 1 and our sales forces will be integrated within the first 30 days. In the second half of 2017, we will focus on aligning and unifying the company, optimizing the integration, starting to achieve synergies and getting the organization ready for a fast start in 2018 to deliver growth and add shareholder value.”
Included below is the organizational structure of management. Unless otherwise indicated, all leaders will report to Saligram.
Operational Leaders:
