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Gordon Brothers, Ritchie Bros. Form Alliance to Assist Australian, South East Asian Insolvency

Mon April 26, 2021 - National Edition
Ritchie Bros. Auctioneers

Gordon Brothers and Ritchie Bros. have created a formal joint venture, the Gordon Brothers & Ritchie Bros. Alliance. The alliance provides end-to-end asset advisory and asset remarketing services to the insolvency and restructuring market in Australia and South East Asia.

The new alliance will generate superior outcomes for clients, ranging from administrators, creditors, receivers, bankers, and financiers to the businesses in distress. The alliance already has a strong track record in the mining, agriculture, construction and transport sectors. Clients will benefit from global reach and leverage of the Alliance and the ability to provide cash-backed, guaranteed outcomes, according to the companies.

"By entering into a strategic partnership, we're able to present the market with the best end-to-end industrial asset advisory and realisation solution for distressed businesses, particularly those operating in the mining, agriculture, construction and transport sectors," said Matt Aubrey, managing director at Gordon Brothers. "This is a formal joint venture between two market leading global companies that will raise the bar in asset advisory and realisation, delivering a valuable service for clients dealing with difficult and complex circumstances."

"The two companies bring unrivalled expertise and experience in their respective fields," said Finlay Massey, sales director APAC, Ritchie Bros. "While the Alliance is launching in Australia and South East Asia as a formal joint venture, the benefits of the relationship are already tried and tested. Gordon Brothers and Ritchie Bros. have, over the past three years, worked together to realize over AU$200 million worth of assets in the U.S."

"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," Aubrey said. "Achieving the highest price can make all the difference in the recovery of a business."

Backed by the world's largest database of buyers and sellers of industrial equipment and its 24/7 digital marketplace, the alliance is confident its global expertise and scale will ensure the successful valuation and sale of assets for businesses and their restructuring and insolvency partners.

"We deploy advanced technology, data-led sales opportunities and the world's largest network for realising industrial assets to secure the best possible outcome for clients," said Andrew Cotton, head of alliance, Gordon Brothers & Ritchie Bros. Alliance. "With decades of experience and expertise, we're a safe choice for any distressed business, particularly those in the mining, agriculture, construction and transport space."

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