Gordon Brothers and Ritchie Bros. created a formal joint venture: the Gordon Brothers & Ritchie Bros. Alliance, which will provide end-to-end asset advisory and asset remarketing services to the insolvency and restructuring market in Australia and Southeast Asia.
Richie Bros. Auctioneers closed a $1 billion credit facility to partially fund its IronPlanet acquisition and provide the company with enhanced financial flexibility. Bank of America served as administrative agent.
Richie Bros. has acquired Mascus International Holding, a global online equipment listing service. Ritchie paid $26.6 million for 100% of the equity in Mascus.