Ritchie Bros. & Gordon Brothers to sell assets of 50-year pipeline contractor Welded Construction

Pipelayers, support equipment, along with construction assets are available for immediate sale

VANCOUVER, April 29, 2019 /PRNewswire/ - Ritchie Bros., a global leader in asset management and disposition, announced today that it has received bankruptcy court approval to purchase the assets of Welded Construction, L.P. together with Gordon Brothers, the global advisory, restructuring, and investment firm. The two companies will work together to sell the Welded Construction assets through multiple selling channels.   

"We are excited to bring to market this late model and well-maintained fleet of pipeline equipment," said Zac Dalton, Director, Strategic Accounts, Ritchie Bros. "Early market interest for this equipment is already strong and provides us the opportunity to provide our customers with this highly sought-after equipment fleet through our various marketplace channels."

For more than 50 years, Welded Construction delivered high-quality pipeline construction services across North America, building up a world-class fleet that included a wide range of pipelayers (incl. Caterpillar PL87, PL83, 72H, 594, 572 & 583 units), as well as pipeline support equipment and general construction assets (incl. Caterpillar D8T, D7R & D6T units). 

"We are pleased to offer the Welded equipment for immediate sale to the marketplace," stated Robert Himmel, Senior Managing Director of Gordon Brothers. "This is an incredible opportunity for the pipeline industry given the outstanding condition of the assets and long-standing reputation of the Welded Construction fleet."

Anyone interested in the purchase of this equipment can find additional detail through:

• Ritchie Bros.: IronPlanet.com/welded or +1.855.910.8511
• Gordon Brothers: GordonBrothers.com/welded or +1.617.224.6753

About Ritchie Bros.:
Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a number of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry, the company's selling channels include: Ritchie Bros. Auctioneers, the world's largest industrial auctioneer offers live auction events with online bidding; IronPlanet, an online marketplace with featured weekly auctions and providing the exclusive IronClad Assurance® equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The company's suite of multichannel sales solutions also includes RB Asset Solutions, a complete end-to-end asset management and disposition system. Ritchie Bros. also offers sector-specific solutions including GovPlanet, TruckPlanet, and Kruse Energy Auctioneers, plus equipment financing and leasing through Ritchie Bros. Financial Services. For more information about Ritchie Bros., visit RitchieBros.com.

About Gordon Brothers:
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across five continents.

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SOURCE Ritchie Bros. Auctioneers