Liquidity Services Completes Acquisition of GoIndustry DoveBid
Friday, July 06, 2012
Liquidity Services, Inc., which provides corporations, public sector agencies and buying customers with effective online marketplaces and integrated services for surplus assets, announced it has completed the acquisition of GoIndustry DoveBid, plc, a provider of surplus asset management, auction and valuation services, for 73 pence per share and assumed indebtedness, or total transaction price of US$31 million.
The acquisition of GoIndustry enhances Liquidity Services' ability to deliver surplus asset management, valuation and disposition services to large enterprises across North America, Europe and Asia. Through offices in over 20 countries and its proprietary AssetZone asset management platform, Liquidity Services and GoIndustry enable clients to strategically manage investment recovery activities across global locations consistently, transparently and in compliance with company, domestic and international rules and regulations. GoIndustry serves a large, active client roster of leading global manufacturers across multiple industries, including aerospace, consumer packaged goods, electronics, pharmaceutical, technology and transportation, and asset-based lenders. Current GoIndustry clients include BAE, Bosch, Covance, Ford-Europe, Honeywell, Ingersoll-Rand, Pfizer, Renault, and Visteon, as well as asset-based lenders, Barclays, HSBC, Lloyds, JP Morgan, PNC, RBS and Siemens Financial.
In addition, the acquisition of GoIndustry further expands Liquidity Services online marketplace for surplus assets, adding over 458,000 professional buyers and more than 1,000 annual online sales events on the go-dove.com website across a broad range of industrial capital assets.
"This strategic combination expands our seller base by adding over 50 Fortune 1000 clients across complementary vertical market segments, enables us to offer important new services and broader global coverage to our existing sellers, and grows the buyer base for our online marketplaces," said Bill Angrick, chairman and CEO of Liquidity Services. "Our combined offering will enable corporations to efficiently manage, value, redeploy and sell surplus and idle equipment around the globe with a uniformly high level of service and transparency. Our complementary strengths, unmatched buyer base and know-how clearly position Liquidity Services as the trusted provider of choice for Fortune 1000 corporations in the reverse supply chain."
During calendar year 2011, GoIndustry recorded approximately $211 million of gross merchandise volume. Liquidity Services expects the transaction to be neutral to fiscal year 2012 earnings and one to three cents per share accretive to fiscal 2013 results.
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