Gordon Brothers and Ritchie Bros. created a formal joint venture: the Gordon Brothers & Ritchie Bros. Alliance, which will provide end-to-end asset advisory and asset remarketing services to the insolvency and restructuring market in Australia and Southeast Asia.

The new alliance will generate outcomes for clients, ranging from administrators, creditors, receivers, bankers and financiers to businesses in distress. The alliance has a track record in the mining, agriculture, construction and transport sectors.

“By entering into a strategic partnership, we’re able to present the market with the best end-to-end industrial asset advisory and realization solution for distressed businesses, particularly those operating in the mining, agriculture, construction and transport sectors,” Matt Aubrey, managing director at Gordon Brothers, said. “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.”

“The two companies bring unrivalled expertise and experience in their respective fields,” Finlay Massey, sales director APAC for Ritchie Bros., said. “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. 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.”

The alliance will be backed by a database of buyers and sellers of industrial equipment and its digital marketplace.

“We deploy advanced technology, data-led sales opportunities and the world’s largest network for realizing industrial assets to secure the best possible outcome for clients,” Andrew Cotton, head of alliance for the Gordon Brothers & Ritchie Bros. Alliance, said. “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.”