Ritchie Bros. Acquires Online Heavy Equipment Auction Powerhouse

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. Ritchie Bros. and IronPlanet first announced the acquisition in August 2016: http://prn.to/2pMuZFC. For more information, visit www.rbauction.com