RB Global

Last updated
RB Global, Inc.
FormerlyRitchie Bros. Auctioneers Incorporated
Company type Public company
ISIN CA7677441056
Industry Auctions & Industrial products distribution
Founded Kelowna, British Columbia, Canada
Founder David Edward Ritchie
Headquarters Westchester, Illinois, U.S.
Key people
Erik Olsson (Chairman)
Jim Kessler (CEO)
Number of employees
7,900+
Website rbglobal.com

Ritchie Bros. Auctioneers (RBA), or simply Ritchie Bros., [1] is a publicly traded American-Canadian-domiciled company with headquarters in Westchester, Illinois. Its common shares are traded on the Toronto and New York stock exchanges. [2]

Contents

History

The Ritchie Brothers

Ritchie Bros. Auctioneers was established in Kelowna, British Columbia, Canada, when the three Ritchie brothers – Ken, John and Dave Ritchie – took over the OK Used Furniture Store from their father in 1955. They entered the auction business in 1958. [3]

The brothers began conducting auctions more regularly and in 1958 incorporated Ritchie Bros. Auction Galleries Ltd. to formalize their new business. [4] : 17  Ritchie Bros. began selling used equipment in the 1960s. In 1963 Dave Ritchie moved to Vancouver, B.C. and rented an auction site on S.E. Marine Drive. He set up the company's first equipment auction in Vancouver shortly after. [4] : 24 

The early auction years

Most of the company's earliest auctions were held in British Columbia. Ritchie Bros. began expanding into other parts of Canada in the mid-1960s, conducting its first auctions in Alberta (in 1964), the Yukon (1964), Saskatchewan (1965), Manitoba (1968), and other parts of Eastern Canada shortly thereafter. [4] : 35, 39 

In 1965, Ken Ritchie left the company to spend more time with his family and the company's name was changed from Ritchie Bros. Auction Galleries Ltd. to Ritchie Bros. Auctioneers Ltd. [4] : 35  Ken established his own auction company, but returned to work with his brothers in 1968. He stayed with Ritchie Bros. Auctioneers until 1980. [4] : 39, 48, 70 

In 1968, Ritchie Bros. Auctioneers held its first auction with gross proceeds in excess of CA$1 million, in Edmonton, Alberta, Canada. [4] : 39  Edmonton was also the site of the company's first permanent auction site (on company-owned land), which was established in 1976. Until then, Ritchie Bros. had been conducting its auctions on leased land. [5]

Expansion in the U.S.

Ritchie Bros. established its first presence outside Canada in 1969 when it became incorporated in Washington, USA. [4] The company held its first auction outside Canada in 1970, in Beaverton, Oregon, and gradually began expanding throughout the United States. [5]

In 1974, John Ritchie left the company, selling his share of the business to his brother Dave. In 1975, Dave Ritchie – the sole company shareholder – sold partnerships in Ritchie Bros. Auctioneers to some of his key employees. [4] : 46 

International expansion

In the late 1980s Ritchie Bros. Auctioneers began to look overseas for further growth opportunities, in the UK and the Netherlands, and then in Australia and other countries. [5]

Going public

In 1998, the year that Ritchie Bros. went public, the company's annual gross auction proceeds exceeded US$1 billion for the first time ever. Its common shares were listed on the New York Stock Exchange under the symbol RBA in March 1998, followed by listing on the Toronto Stock Exchange in April 2004. [6]

Since then, Ritchie Bros. has added auction sites in eight other countries. Today, the company has 40+ auction sites worldwide including.

Acquisitions

In 1999, Ritchie Bros. acquired Forke Brothers, an equipment auction company based in Nebraska, USA and one of its major competitors. The company moved its U.S. headquarters to Lincoln, Nebraska following the acquisition. [4] : 116  Ritchie Bros. made its foray into the agricultural equipment auction business with the acquisitions of All Peace Auctions of Grande Prairie, Alberta, Canada in 2002; LeBlanc Auction Service of Estevan, Saskatchewan, Canada in 2004; [7] Dennis Biliske Auctioneers of Buxton, North Dakota, USA in 2006; Clarke Auctioneers of Rouleau, Saskatchewan, Canada in 2007; [4] and Martella Auction Company of Tipton, CA in 2009. [8] In August 2016, the company announced its plan to acquire IronPlanet, Inc., an online auction company. The deal was approved by the DOJ and closed in May 2017. [9] In 2016, Ritchie Bros. also acquired Petrowsky Auctioneers [10] based in North Franklin, CT and Kramer Auctions, [11] a Canadian agricultural auction company based in North Battleford, SK. In 2018, Ritchie Bros. acquired Leake Auction Company, an Oklahoma-based collector car auctioneer. [12] In August 2021, the acquisition of Euro Auctions, a Northern Ireland auction house that buys and sells industrial plant, construction equipment, and agricultural machinery for £775 million was announced. [13] That acquisition attempt was discontinued in April 2022. In March 2023, Ritchie Bros. completed the acquisition of U.S. auto retailer IAA Inc. in a stock and cash deal worth $7 billion. [14] [15] It was announced in May 2023 a new name for the parent company, RB Global. [16]

Operations

In 2022, Ritchie Bros. reported US$6 billion in total Gross Transactional Value (GTV).

Management

Jim Kessler was appointed Ritchie Bros.' CEO after the departure of Ann Fandozzi in December 2023 due to a dispute over equity compensation. The company also fired its CFO Eric Jacobs. [17] Other notable management team members at Ritchie Bros. include, Matt Ackley (Chief Digital Officer), Carmen Thiede (Chief Transformation & People Officer), Jeff Jeter (Chief Revenue Officer), Baron Concors (Chief Product & Technology Officer), Kevin Geisner (Chief Strategy Officer), and Darren Watt (Chief Legal Officer). [18]

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References

  1. ↑ "Ritchie Bros". Archived from the original on 2018-11-09. Retrieved 2018-11-09.
  2. ↑ "About Ritchie Bros. Ritchie Bros. website. 2008-09-09". Rbauction.com. Archived from the original on 2010-02-01. Retrieved 2010-02-16.
  3. ↑ "NEWS RELEASE Okanagan Logging Contractor Hires Ritchie Bros. Auctioneers for Complete Dispersal. Ritchie Bros. unreserved auction to be held on the Westside on May 25" (PDF). Ritchie Bros. May 1, 2006. Archived from the original (PDF) on August 13, 2006. Retrieved 2010-02-16.
  4. 1 2 3 4 5 6 7 8 9 10 Jeffrey L. Rodengen, The Legend of Ritchie Bros. Auctioneers (Write Stuff Enterprises Inc., 2004)
  5. 1 2 3 "History. Ritchie Bros. website. 2008-09-09". Rbauction.com. Archived from the original on 2010-02-10. Retrieved 2010-02-16.
  6. ↑ "News. Ritchie Bros. website. 2008-09-09". Rbauction.com. Archived from the original on 2009-09-01. Retrieved 2010-02-16.
  7. ↑ "Ritchie Bros. Auctioneers - Unreserved Equipment Auctions". Rbauction.com. 2004-02-06. Archived from the original on 2009-07-21. Retrieved 2010-02-16.
  8. ↑ Auctioneers, Ritchie Bros. "News Release - November 19, 2009 - Ritchie Bros. Auctioneers". www.rbauction.com. Archived from the original on April 25, 2010. Retrieved March 12, 2012.
  9. ↑ "Archived copy" (PDF). Archived (PDF) from the original on 2018-11-09. Retrieved 2018-11-09.{{cite web}}: CS1 maint: archived copy as title (link)
  10. ↑ Topics, Transport (2016-08-03). "Ritchie Bros. Acquires Petrowsky Auctioneers". Transport Topics. Retrieved 2021-04-06.
  11. ↑ "Ritchie Bros. acquires North Battleford-based Kramer Auctions". thestarphoenix. Retrieved 2021-04-06.
  12. ↑ Weekly, Old Cars (16 January 2018). "Leake Auctions acquired by Ritchie Bros". Old Cars Weekly. Retrieved 2021-04-06.
  13. ↑ "Euro Auctions: Brothers delighted with £775m deal for Tyrone firm". BBC News. 10 August 2021. Retrieved 11 August 2021.
  14. ↑ C, Priyamvada (March 20, 2023). "Ritchie Bros completes $7 billion IAA acquisition". Reuters.
  15. ↑ Deka, Kannaki; Sen, Anirban (November 7, 2022). "Canada's Ritchie Bros to buy auto retailer IAA in $7.3 bln deal". Reuters.
  16. ↑ "Ritchie Bros. Auctioneers to Change Names to RB Global". MarketWatch. Archived from the original on 2023-05-09. Retrieved 2023-05-17.
  17. ↑ "RB Global replaces CEO after dispute over compensation" . Retrieved 2024-04-05.
  18. ↑ "Management | Ritchie Bros. Auctioneers". Archived from the original on 2018-11-09. Retrieved 2018-11-09.
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