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RB Global, Inc. (NYSE: RBA, TSX: RBA) is a globally renowned asset management and disposition company established in 1958 and headquartered in Westchester, Illinois. Specializing in the buying and selling of used heavy equipment, trucks, and other assets, RB Global offers comprehensive end-to-end solutions across various sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry.
RB Global operates through multiple selling channels:
- Ritchie Bros. Auctioneers: The world's largest industrial auctioneer providing live auction events with online bidding.
- IronPlanet: An online marketplace featuring weekly auctions and offering IronClad Assurance® equipment condition certification.
- Marketplace-E: An online marketplace providing multiple price and timing options.
- Mascus: A leading European online equipment listing service.
- Ritchie Bros. Private Treaty: Offering privately negotiated sales.
Additionally, RB Global caters to specific sectors through GovPlanet, TruckPlanet, and Kruse Energy Auctioneers.
The company has expanded its reach by merging with IAA, a major global digital marketplace connecting vehicle buyers and sellers. Through this collaboration, RB Global continues to enhance its omnichannel marketplace, providing value-added insights, services, and transaction solutions for commercial assets and vehicles. RB Global serves customers in more than 170 countries through auction sites in 14 countries and a robust digital platform.
RB Global is known for its massive auction events, including the record-setting 2024 global auction in Orlando with over 16,500 items and generating over $258 million in gross transaction value (GTV). Another notable event was the Edmonton auction, which set a new Canadian record with nearly CAD $250 million in GTV.
Recent achievements include strategic market alliances such as the one with Lion Trans in Georgia and Baltic Auto Shipping in Lithuania, aimed at increasing market share and improving global customer experience. RB Global's portfolio also includes Rouse Services, SmartEquip, Xcira, and VeriTread, which provide asset management, data-driven intelligence, and live auction technology solutions.
As part of its financial performance, RB Global consistently delivers solid growth, with a notable reduction in leverage and strong quarterly earnings. The company declared a quarterly cash dividend of $0.27 per common share, reflecting its commitment to shareholders.
RB Global's dedication to innovation, strategic growth, and operational excellence makes it a significant player in the global marketplace for commercial assets and vehicles.
Luxor Capital Group, managing 4.7 million shares (4.2% of RBA), criticized Ritchie Bros. for its $485 million financing deal with Starboard Value LP, suggesting it benefits Starboard at shareholders' expense. Following a recent debt raise, RBA attracted over $9 billion in demand, pricing an $800 million unsecured bond at 375 basis points, far lower than the terms of the Starboard deal which would need to offer over 1,500 basis points to match par value. Luxor argues that this highlights the questionable rationale behind the financing, calling for RBA shareholders to vote NO on the proposed IAA merger.
Ritchie Bros. Auctioneers (NYSE: RBA) announced plans to offer approximately $550 million of senior secured notes due 2028 and $800 million of senior notes due 2031. The proceeds will fund the cash portion of its merger with IAA, refinance existing debts, and pay a special cash dividend of $1.08 per share to shareholders, contingent upon the merger's closing. The offering will be available only to qualified institutional buyers and non-U.S. persons. The notes have not been registered under the Securities Act. RBA aims to leverage this financing to enhance market position and shareholder value through the merger.
Ritchie Bros. Auctioneers (NYSE: RBA) urges shareholders to vote "FOR" all proposals on the WHITE proxy card in connection with the upcoming Special Meeting on March 14, 2023, regarding the acquisition of IAA, Inc. (NYSE: IAA). The company's Board emphasizes that this acquisition will enhance growth strategies and create substantial shareholder value. After extensive due diligence over the past year, the Board concluded that combining with IAA offers significant benefits, including cost synergies and revenue opportunities. Ritchie Bros. is prepared for integration and aims to exceed standalone capabilities. Shareholders are advised to discard the green proxy card and support this strategic direction.
Ritchie Bros. conducted its Premier Global Auction from February 20-24, 2023, in Orlando, FL, attracting over 22,600 bidders from 80+ countries. The auction resulted in the sale of more than 13,300 items, generating a gross transaction value exceeding US$244 million. Approximately 83% of the items were bought by U.S. buyers, with 18% purchased by Floridians. Key sold items included over 790 excavators and 500 truck tractors. The auction emphasized innovative technology, offering 360-view video inspections which were well-received by online participants. Ritchie Bros. continues to expand its reach in the global equipment auction market.
Ancora Holdings Group has issued a rebuttal against Luxor Capital Group, claiming that Luxor is conducting a "short and distort" campaign regarding the proposed combination of IAA, Inc. (NYSE: IAA) and Ritchie Bros. Auctioneers (NYSE: RBA). Ancora, which owns approximately 4% of IAA and 0.5% of RBA, emphasizes its support for the transaction, citing an amended proxy statement that discloses a Trade Incentive Agreement with a known short seller since December 2022. Ancora outlines five key reasons for voting in favor of the transaction, positioning it as transformative and value-adding for shareholders.
Ritchie Bros. Auctioneers has shared a letter ahead of its Special Meeting scheduled for March 14, 2023, where shareholders will vote on the proposed acquisition of IAA, Inc. The Board emphasizes that the transaction could increase share value by up to $76, significantly exceeding Ritchie Bros.' current stock price of $61.44 as of February 21, 2023. The company argues against Luxor Capital's objections, labeling them as misleading. The amended agreement not only enhances transaction terms by adding $115 million in value but also retains a 59.1% pro forma ownership for shareholders. Ritchie Bros. expects substantial EBITDA growth and cost savings from the IAA acquisition, stimulating further shareholder value.
Ritchie Bros. Auctioneers (NYSE: RBA) urges shareholders to vote in favor of its acquisition of IAA, Inc. (NYSE: IAA) at the upcoming Special Meeting on March 14, 2023. The deal could unlock up to $76 in incremental value per share, including $100 to $120 million in cost savings and $250 to $780 million in EBITDA growth opportunities. CEO Ann Fandozzi emphasizes the complementary nature of IAA's assets and the potential for significant financial benefits. Ritchie Bros. also counters criticisms from Luxor Capital Group, asserting that their analysis is flawed. Shareholders of record as of January 25, 2023, are eligible to vote.
Ritchie Bros. Auctioneers reported a record gross transaction value (GTV) of $6.0 billion for the full year 2022, marking a 9% year-over-year increase. The fourth quarter GTV rose 6% year-over-year to $1.5 billion. Total revenue also climbed 24% year-over-year to $443.9 million. Net income surged 110% for the year to $319.8 million, driven by a significant gain on property sales. Adjusted EBITDA increased by 21% to $465.2 million. The company anticipates positive impacts from the upcoming IAA acquisition.
On February 14-16, Ritchie Bros. held a successful auction in Houston, TX, attracting over 14,500 bidders for more than 6,500 items and generating a gross transaction value exceeding US$61 million. Approximately 87% of the equipment was sold to U.S. buyers, with 48% purchased by Texans. The auction featured a diverse range of assets, including transportation and construction equipment, all sold without minimum bids. Regional Sales Manager Chuck Roberson reported strong prices and high satisfaction among sellers, prompting interest in future events. Upcoming auctions include a Premier Global Auction in Orlando, FL, with over 13,000 items available.
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