Ritchie Bros.

Goldman Sachs and other initial purchasers in the acquisition of IronPlanet by Ritchie Bros. for approximately US$758.5 million

Client

Goldman Sachs and other initial purchasers

Value

US$758.5 million

Service

Mergers and Acquisitions

Date Closed

May 2017

Lead Office

Toronto


 

On May 31, 2017, Ritchie Bros. Auctioneers Incorporated (Ritchie Bros.), the world’s largest industrial auctioneer and leading equipment distributor, completed its previously announced acquisition of IronPlanet, a leading online marketplace for heavy equipment and other durable assets. Ritchie Bros. acquired IronPlanet for approximately US$758.5 million after receiving unconditional antitrust clearance from the US Department of Justice. 

The acquisition was financed by the net proceeds from a US$500 million private placement of its 5.37-per-cent senior notes due 2025 and US$325 million of a delayed-draw term loan. 

As a part of this acquisition, Ritchie Bros. also entered into an initial five-year strategic alliance with Caterpillar, Inc. Under the alliance, Ritchie Bros. will become Caterpillar’s preferred global partner for live onsite and online auctions for used Cat equipment, and will complement existing offerings within Cat dealer channels. 

Osler, Hoskin & Harcourt LLP acted as Canadian counsel to Goldman Sachs and the other initial purchasers with a team that included Michael Hart (Financial Services), Rob Lando, Michael Sherman (Corporate) and Greg Wylie (Taxation).


Team
Michael  Hart
Key Contact

Michael Hart

Partner, Financial Services

Rob Lando

Rob Lando

Partner, Corporate

Gregory  Wylie

Gregory Wylie

Partner, Taxation