RB Global Inc. has entered into a definitive agreement to acquire J.M. Wood Auction Co., a move expected to strengthen RB Global’s presence in Alabama and neighboring states.
RB Global anticipates closing the acquisition in the second quarter of 2025, pending regulatory approvals and customary closing conditions.
J.M. Wood was founded in 1973 and headquarters in Montgomery, Alabama. It specializes in commercial construction and transportation assets and has built a formidable reputation among municipal customers. The company will continue to operate independently from its Montgomery headquarters.
RB Global’s operations include:
- The Ritchie Bros. auction platform for commercial vehicles and heavy equipment
- Rouse Services’ asset management and benchmarking system
- SmartEquip’s lifecycle management platform for parts procurement
- VeriTread’s online marketplace for heavy haul transport
The companies did not disclose terms of the deal.
RB Global eyes Wood Auction acquisition
RB Global CEO Jim Kessler said the acquisition will bring J.M. Wood Auction’s experienced sales team and strong local relationships into the company’s operations, enhancing its service capabilities. J.M. Wood president Bryant Wood said the partnership will provide access to RB Global’s technology and resources, supporting future growth.
For the year ended Dec. 31, 2024, RB Global marked a 10% total revenue increase, to $1.1 billion.
RB Global service revenue grew 8% year over year to $875.5 million in 2024. Revenue from RB Global inventory sales also rose 15% to $266.1 million.
Additionally, RB Global gross transaction value (GTV) increased 2% year over year to $4.1 billion.
RB Global’s strategy focuses on three key areas: optimizing pricing, expanding enterprise partnerships, and strengthening ties with regional customers.
The company is working to ensure strong price performance for assets sold through its marketplace. This includes managing supply, expanding its global buyer base, and using technology to enhance asset merchandising.
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