Ritchie Bros. to acquire IAA
We have some exciting news. Ritchie Bros. and IAA Inc announced to enter into a definitive agreement under which Ritchie Bros. will acquire IAA. IAA is a leading global digital marketplace connecting vehicle buyers and sellers with 210 facilities globally, including in the US, Canada and Europe.
“IAA accelerates our journey to become the trusted global marketplace for insights, services, and transaction solutions. Their highly complementary business in an adjacent vertical will allow us to unlock additional growth. Through our trusted brands, similar operating model, and complementary services, we expect to drive efficiencies and create a more resilient business.”Ann Fandozzi, CEO of Ritchie Bros.
This transaction will diversify our customer base and provide a significant presence in the vehicle remarketing vertical. It will accelerate our growth and strategic vision to create a next-generation global marketplace for commercial assets and vehicles, supported by advanced technologies and data analytics.
“This announcement is a testament to the passion and dedication of the Ritchie Bros. and IAA teams. We expect this transaction to create new and exciting growth and development opportunities for employees of both Ritchie Bros. and IAA as we scale our combined business. As we do so, we will continue to foster our aligned culture and shared values grounded in supporting and empowering our team to create a best-in-class customer experience.”Ann Fandozzi, CEO of Ritchie Bros.
The transaction is expected to close in the first half of 2023, subject to approvals and other customary closing conditions. Read the full press release here.