Heavy equipment auction company Ritchie Bros. has completed its acquisition of Alabama-based J.M. Wood Auction Co., expanding Ritchie’s exposure to markets in the Southern U.S.
RB Global, the parent company for Ritchie Bros., reported a purchase price of $235 million in a March 11 filing with the Securities and Exchange Commission.
J.M. Wood will continue to operate as its own business entity, will maintain its in-person auction format, and its headquarters will remain in Montgomery, Alabama. The acquisition will give J.M. Wood's employees access to Ritchie Bros.’ global network and digital tools and services.
Founded in 1973 and still led by the Wood family, J.M. Wood primarily focuses on commercial construction and transportation assets and offers in-person and online auctions. The company has deep municipal relationships and has hosted auctions for the Alabama Department of Transportation.
It’s been two years since Ritchie Bros.’ previous acquisition, when the company increased its stake in VeriTread from 11% to 75%. VeriTread’s offerings include a marketplace for listing and quoting shipments, an in-house brokerage to handle complex and urgent freight deliveries, and a proprietary freight estimator tool.
In 2021, Ritchie Bros. also acquired SmartEquip, a provider of parts procurement and equipment lifecycle software, for $175 million.
In its latest earnings report, RB Global reported $1.1 billion in total first-quarter 2025 revenue, up 4% year-over-year. Inventory sales revenue rose 19% in the same period to $256.1 million, and service revenue remained flat year-over-year at $852.5 million.
