Gordon Brothers and Ritchie Bros. partner to disperse more than 100 heavy haulage assets
Date May 18, 2020
Leading asset management and disposition company, Ritchie Bros., has signed a deal with Gordon Brothers, a global advisory, restructuring, and investment firm to disperse more than 100 heavy haulage assets from one of Australia’s largest national freight company.
The agreement between two world leaders in asset disposition sees 26 prime movers, and 91 trailers and dollies up for grabs.
Prominent brands in heavy haulage, Kenworth Trucks and Drake trailers make up the majority of assets in the fleet which includes 156 prime mover axels, and 308 trailer and dolly axels. Together the prime mover fleet has a gross combination mass equal to 4,512 tons.
Finlay Massey, Australian Pacific Sales Director, Ritchie Bros. said the deal was the first of its kind in Australia and demonstrates how the two businesses are leading the way in the sector.
“It was a strategic decision to work with Gordon Brothers, designed to blend our strengths and deliver the best possible outcomes for all stakeholders”, said Mr Massey.
Fenton Healy, Managing Director of Gordon Brothers, said that the partnership was a natural fit for the two businesses and one that the client would benefit from.
"We share values and a similar outlook as well as industry expertise and a commitment to delivering above and beyond for our clients", he said.
“The deal combines our capacity to deploy capital as a balance sheet-led-business with Ritchie Bros. track record in the overseas market and strong execution platform with a global reach”, said Mr Healy.
Mr Massey said that prevailing market conditions meant the heavy haulage equipment is already in high demand.
“Early sales in the equipment has exceeded both Ritchie Bros. and Gordon Brothers expectations, with half the machines already sold and plenty of interest from buyers locally and globally for the remainder of gear”.
About Ritchie Bros.
Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a number of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry, the company’s selling channels include: Ritchie Bros. Auctioneers, the world’s largest industrial auctioneer offers live auction events with online bidding; IronPlanet, an online marketplace with featured weekly auctions and providing the exclusive IronClad Assurance® equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The company’s suite of multichannel sales solutions also includes Ritchie Bros. Asset Solutions, a complete end-to-end asset management and disposition system. Ritchie Bros. also offers sector-specific solutions including GovPlanet, TruckPlanet, and Kruse Energy, plus equipment financing and leasing through Ritchie Bros. Financial Services. For more information about Ritchie Bros., visit RitchieBros.com.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston with 25 offices across five continents.