BOSTON, Aug. 17, 2015 /PRNewswire/ -- Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the industrial, consumer products and retail sectors, announced today that it will be selling a large package of equipment, formerly owned by Hodges Trucking Company L.L.C., in conjunction with Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, this September and October.
On June 18th, 2015, Gordon Brothers Group announced that it had executed a definitive agreement with Rodan Transport (U.S.A) Ltd. and Hodges Trucking Company to acquire a large portion of Hodges' fleet of heavy haul and mobile crane equipment and undertook its immediate, orderly disposition. Ritchie Bros. subsequently approached Gordon Brothers Group's Commercial & Industrial Division to arrange for a large-scale auction event to include the equipment, which consists of mobile cranes (all terrain, truck mounted and crawler), truck tractors, trailers, forklifts/loaders and service trucks.
"Due to the late model nature of the fleet and its outstanding condition, we received a tremendous amount of interest from both dealers and end users around the country," stated Robert Maroney, President of Gordon Brothers Group's Commercial & Industrial Division. "We quickly realized that combining our extensive orderly disposition experience in this sector along with Ritchie Bros.' proven success in an auction format would be a mutually advantageous strategy to maximize the value of these assets."
"The equipment acquired by Gordon Brothers Group includes some of the best-maintained and high performing cranes on the market today," said Terry Dolan, President (USA & Latin America), Ritchie Bros. "We are excited to work with Gordon Brothers Group and look forward to the results we can accomplish together."
In March 2015, Ritchie Bros. conducted a record-breaking crane auction in Wyoming. It was the largest single-owner auction in Company history, selling more than $54 million of equipment, including 38 cranes, and attracting over 3,000 bidders from 47 countries.
The equipment will be featured and sold in two separate Ritchie Bros. auctions, on September 23 - 24 in Fort Worth, Texas (rbauction.com/Fort-Worth) and October 6 in Columbus, Ohio (rbauction.com/Columbus). Both auctions will be open to the public and all items will be sold unreserved, with no minimum bids or reserve prices. For more information about the equipment, visit the Fort Worth and Columbus auction pages on rbauction.com.
About Gordon Brothers Group
Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, mitigating leases, appraising assets and operating businesses for extended periods. Gordon Brothers Group conducts over $70 billion worth of transactions and appraisals annually. As of November 2014, debt financing is provided by Gordon Brothers Finance Company (www.gbfinco.com).
About Ritchie Bros.
Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is the world's largest seller of used equipment for the construction, transportation, agriculture, material handling, energy, mining, forestry, marine and other industries. Ritchie Bros. TM solutions make it easy for the world's builders to buy and sell equipment with confidence, including live unreserved public auctions with on-site and online bidding (rbauction.com), the EquipmentOne™ secure online marketplace (EquipmentOne.com), a professional corporate asset management program, and a range of value-added services, including equipment financing for customers through Ritchie Bros. Financial Services (rbauction.com/financing). Ritchie Bros. has operations in 19 countries, including 44 auction sites worldwide. Learn more at RitchieBros.com.
About Hodges Trucking Company, L.L.C.
Hodges Trucking Company, L.L.C. operates as an oilfield and heavy haul transportation company. It carries oilfield equipment and oversized machinery through its fleet of trucks, forklifts, trailers, and multi-axle lowboys. The company also provides lifting services for heavy equipment, such as bridges, compressors, drilling rig equipment, generators, storage tanks, transformers, vessels, wrecked trains, and computer products through its fleet of cranes. It serves various industries and companies in the United States. The company was founded in 1932 and is based in Oklahoma City, Oklahoma.
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SOURCE Gordon Brothers Group
