WESTCHESTER, IL., May 9, 2023
/PRNewswire/ - Ritchie Bros. Auctioneers Incorporated (NYSE:
RBA) (TSX: RBA) (the "Company") today announced that with the
successful closing of the IAA, Inc. acquisition, the Company is
changing its corporate name to RB Global. The Company's common
shares will continue to be listed for trading on the New York Stock
Exchange and on the Toronto Stock Exchange under the ticker "RBA."
RB Global will go-to-market and do business with customers under
the Ritchie Bros. and IAA, Rouse and SmartEquip brands, among
others, reflecting the brands' strong heritage and significant
brand equity. In conjunction with the name change, RB Global has
launched a new corporate website at www.RBGlobal.com.
RB Global operates a leading, omnichannel marketplace that
provides value-added insights, services and transaction solutions
for buyers and sellers of commercial assets and vehicles. Through
its auction sites in 14 countries and digital platform, RB Global
serves customers in more than 170 countries around the world across
asset classes, including automotive, commercial transportation,
construction, government surplus, lifting and material handling,
commercial accessories, agriculture, among others.
"The RB Global name signifies the transformation of our business
into a premier global marketplace and more closely aligns with our
strategy," said Ann Fandozzi, CEO of
RB Global.
"Over the last several years, we have worked to create a new
growth platform that extends beyond auctions by building out our
suite of solutions, enhancing our technology offerings and
expanding our real estate footprint. The IAA acquisition
accelerates these efforts, adding significant scale, reach and
capabilities. As one company – RB Global – we have a unified vision
for success and value creation. Our employees are excited to be
part of this new company, and the progress we are making to advance
our integration plan reinforces my confidence in the compelling
upside ahead," continued Ms. Fandozzi.
The name change, which was approved by the Company's
shareholders, will be made effective upon the filing of the
articles of amendment in the coming days.
About RB Global
RB Global (NYSE: RBA) (TSX: RBA) is a leading, omnichannel
marketplace that provides value-added insights, services and
transaction solutions for buyers and sellers of commercial assets
and vehicles worldwide. Through its auction sites in 14 countries
and digital platform, RB Global serves customers in more than 170
countries across a variety of asset classes, including automotive,
commercial transportation, construction, government surplus,
lifting and material handling, energy, mining and agriculture. The
company's marketplace brands include Ritchie Bros., the world's
largest auctioneer of commercial assets and vehicles offering
online bidding, and IAA, a leading global digital marketplace
connecting vehicle buyers and sellers. RB Global's portfolio of
brands also includes Rouse Services, which provides a complete
end-to-end asset management, data-driven intelligence and
performance benchmarking system; SmartEquip, an innovative
technology platform that supports customers' management of the
equipment lifecycle and integrates parts procurement with both OEMs
and dealers; Xcira, a leader in live simulcast auction
technologies; and Veritread, an online marketplace for heavy haul
transport. For more information about RB Global
visit RBGlobal.com.
Forward-Looking Statements
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable US and
Canadian securities legislation (collectively, "forward-looking
statements"), including, in particular, statements regarding future
branding plans, timing with respect to the anticipated name change,
financial and operational results, opportunities, and any other
statements regarding events or developments that Ritchie Bros.
believes or anticipates will or may occur in the future.
Forward-looking statements are statements that are not historical
facts and are generally, although not always, identified by words
such as "expect", "plan, "anticipate", "project", "target",
"potential", "schedule", "forecast", "budget", "estimate", "intend"
or "believe" and similar expressions or their negative
connotations, or statements that events or conditions "will",
"would", "may", "could", "should" or "might" occur. All such
forward-looking statements are based on the opinions and estimates
of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks
and uncertainties, certain of which are beyond Ritchie Bros.'
control, including risks and uncertainties related to: the effects
of the business combination of RBA and IAA, including the combined
company's future financial condition, results of operations,
strategy and plans; potential adverse reactions or changes to
business or employee relationships, including those resulting from
the completion of the merger; the diversion of management time on
transaction-related issues; the response of competitors to the
merger; the ultimate difficulty, timing, cost and results of
integrating the operations of RBA and IAA; the fact that operating
costs and business disruption may be greater than expected; the
effect of the consummation of the merger on the trading price of
RBA's common shares; the ability of RBA to retain and hire key
personnel and employees; the significant costs associated with the
merger; the outcome of any legal proceedings that could be
instituted against RBA; the ability of the combined company to
realize anticipated synergies in the amount, manner or timeframe
expected or at all; the failure of the combined company to realize
potential revenue, EBITDA, growth, operational enhancement,
expansion or other value creation opportunities from the sources or
in the amount, manner or timeframe expected or at all; the failure
of the trading multiple of the combined company to normalize or
re-rate and other fluctuations in such trading multiple; changes in
capital markets and the ability of the combined company to generate
cash flow and/or finance operations in the manner expected or to
de-lever in the timeframe expected; the failure of RBA or the
combined company to meet financial forecasts and/or KPI targets;
the combined company's ability to commercialize new platform
solutions and offerings; legislative, regulatory and economic
developments affecting the combined business; general economic and
market developments and conditions; the evolving legal, regulatory
and tax regimes under which RBA operates; unpredictability and
severity of catastrophic events, including, but not limited to,
pandemics, acts of terrorism or outbreak of war or hostilities, as
well as RBA's response to any of the aforementioned factors. Other
risks that could cause actual results to differ materially from
those described in the forward-looking statements are included in
RBA's periodic reports and other filings with the Securities and
Exchange Commission ("SEC") and/or applicable Canadian securities
regulatory authorities, including the risk factors identified under
Item 1A "Risk Factors" and the section titled "Summary of Risk
Factors" in RBA's most recent Annual Report on Form 10-K for the
fiscal year ended December 31, 2022,
and RBA's periodic reports and other filings with the SEC which are
available on the SEC, SEDAR and Ritchie Bros.' websites The
foregoing list is not exhaustive of the factors that may affect
Ritchie Bros.' forward-looking statements. There can be no
assurance that forward-looking statements will prove to be
accurate, and actual results may differ materially from those
expressed in, or implied by, these forward-looking statements.
Forward-looking statements are made as of the date of this news
release and Ritchie Bros. does not undertake any obligation to
update the information contained herein unless required by
applicable securities legislation. For the reasons set forth above,
you should not place undue reliance on forward-looking
statements.
Contacts
Investors
Sameer Rathod
Vice President, Investor Relations & Market Intelligence
+1 510-381-7584
srathod@rbglobal.com
Media
Matt Ackley,
Chief Digital Officer
+1 408-425-5050
mackley@rbglobal.com
Jeanene O'Brien, Sr. Vice
President Marketing & Communications
+1
708-492-7328
jobrien@rbglobal.com
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SOURCE Ritchie Bros. Auctioneers