Ritchie Bros. Completes Acquisition of J.M. Wood Auction Co.

Ritchie Bros. Auctioneers has completed its acquisition of J.M. Wood Auction Co., a US-based auctioneer. The acquisition combines Ritchie Bros.' global network and digital capabilities with J.M. Wood's regional expertise and customer relationships. The deal aims to enhance service offerings for customers in Alabama and adjacent states. The acquired company will maintain its headquarters, in-person auction format, and leadership team.

Ritchie Bros. Auctioneers, a subsidiary of RB Global, Inc. (NYSE: RBA) (TSX: RBA), has completed its acquisition of J.M. Wood Auction Co., Inc. (J.M. Wood) [1]. The acquisition aims to enhance service offerings for customers in Alabama and adjacent states by combining Ritchie Bros.' global network and digital capabilities with J.M. Wood's regional expertise and customer relationships.

Jim Kessler, Chief Executive Officer of RB Global, stated, "Both Ritchie Bros. and J.M. Wood have spent decades building trust through integrity, relationships, and a deep understanding of customers’ businesses. We’re thrilled to welcome their team and collaborate to preserve their deep industry expertise, regional and sectoral strength, and customer-focused legacy while also tapping into Ritchie Bros.’ global network, digital capabilities, and suite of value-added services" [1].

J.M. Wood, founded in 1973, has built a strong reputation for providing a personal and professional auction experience. Backed by the global reach, technology, and resources of Ritchie Bros., J.M. Wood will maintain its Montgomery headquarters, in-person auction format, and leadership team [1].

RB Global, Inc. is a leading, omnichannel marketplace and trusted provider of value-added insights, services, and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Through its global network of auction sites and digital platform, RB Global serves customers worldwide across a variety of asset classes, including automotive, construction, commercial transportation, government surplus, lifting and material handling, energy, mining, and agriculture [1].

The acquisition is part of RB Global's strategy to enhance its service offerings and deliver more value to its customers. Forward-looking statements included in the release highlight the potential benefits of this acquisition, such as increased opportunities and value for customers, but also note the risks and uncertainties associated with the integration and future performance of the combined entity [1].

References:
[1] https://www.stocktitan.net/news/RBA/ritchie-bros-completes-acquisition-of-j-m-wood-auction-vs40yz0e5z4n.html