Two leading asset disposition firms—Gordon Brothers and Ritchie Bros.—think there’s going to be a lot more pain ahead in Australia and Southeast Asia.
With this in mind, the pair have formed the Gordon Brothers & Ritchie Bros. Alliance, a joint venture that targets businesses in distress, whether through insolvencies or restructurings. Services include end-to-end asset advisory and asset remarketing. Both firms have a history of working with insolvency administrators, creditors, receivers, bankers and financiers, whether for in-court or out-of-court arrangements.
“This is a formal joint venture between two market leading global companies that will raise the bar in asset advisory and realization, delivering a valuable service for clients dealing with difficult and complex circumstances,” Matt Aubrey, managing director at Gordon Brothers, said. “This is not just an exercise in helping restructuring and insolvency businesses recoup losses for investors and creditors, this is a partnership that will help businesses going through a restructuring or insolvency process to achieve the best possible outcome from asset sales to enable them to course correct.”
“While the Alliance is launching in Australia and Southeast Asia as a formal joint venture, the benefits of the relationship are already tried and tested,” Finlay Massey, Ritchie’s sales director for the APAC region, said.
The initial foray of the joint venture will be centered on industrial assets, heavy equipment and trucks.
Ritchie is known primarily as an auctioneer specializing in the asset disposition of industrial assets, such as trucks and heavy equipment for construction, transportation, agriculture and other industries.
Gordon Brothers has roots in the retail sector, helping retailers dispose of inventory and other assets that are no longer needed. They also work with other professionals to help retailers clear out stores and warehouses. While long regarded as a liquidator, the company has expanded its business focus to include valuations and operations, and it also has an investment arm. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually, with more than 30 offices across five continents.