Ritchie Bros wraps up $758.5 mln buy of VC-backed IronPlanet
Ritchie Bros (NYSE, TSX: RBA), a Canadian auctioneer of heavy equipment and trucks, has closed its acquisition of IronPlanet Inc, a U.S. online marketplace for heavy equipment and other durable assets. The deal, announced last August, was valued at about US$758.5 million. Vancouver-headquartered Ritchie said the acquisition accelerates its strategy of becoming a one-stop, multi-channel company where customers can buy, sell, or list equipment both onsite and online. Founded in 1999, Pleasanton, California's IronPlanet was backed by Accel Partners, Kleiner Perkins Caufield & Byers, Caterpillar and Volvo Construction Equipment.
1 June 2017•6 mins read
