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Ritchie Bros. Auctioneers acquires AssetNation

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May 16, 2012 by Andrew Snook

Ritchie Bros. Auctioneers recently announced the closing of its purchase of AssetNation, an online marketplace and solutions provider for surplus and salvage assets based out of Houston, TX, at a cost of approximately US$64 million.

The Vancouver, B.C.-based, global leading industrial auctioneer stated it plans to grow AssetNation’s core business and leverage its e-commerce expertise and technology platform for the purpose of developing and launching services that meet the buying and selling needs of equipment owners that may not be met by the company’s live unreserved auctions.

The acquisition officially closed on May 15, 2012.

Ritchie Bros. purchased AssestNation from its controlling shareholder, Spire Capital Partners, a private equity firm based out of New York, N.Y.

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