-
Acquisition enhances Liquidity Services’ position as the leading
reverse supply chain service provider to global Fortune 1000
corporations and expands its growing capital assets marketplace -
GoIndustry DoveBid shareholders to receive 73 pence per share in
cash
WASHINGTON & LONDON–(BUSINESS WIRE)–Jul. 5, 2012–
Liquidity Services, Inc. (NASDAQ: LQDT) which provides leading
corporations, public sector agencies and buying customers the world’s
most transparent, innovative and effective online marketplaces and
integrated services for surplus assets, today announced it has completed
the acquisition of GoIndustry DoveBid, plc (GoIndustry), a global
provider of surplus asset management, auction and valuation services,
for 73 pence per share and assumed indebtedness, or total transaction
price of $31 million USD.
The acquisition of GoIndustry enhances Liquidity Services’ ability to
deliver surplus asset management, valuation and disposition services to
large enterprises across North America, Europe and Asia. Through offices
in over 20 countries and its proprietary AssetZone® asset management
platform, Liquidity Services and GoIndustry enable clients to
strategically manage investment recovery activities across global
locations consistently, transparently and in compliance with company,
domestic and international rules and regulations. GoIndustry serves a
large, active client roster of leading global manufacturers across
multiple industries, including aerospace, consumer packaged goods,
electronics, pharmaceutical, technology and transportation, and
asset-based lenders. Current GoIndustry clients include BAE, Bosch,
Covance, Ford-Europe, Honeywell, Ingersoll-Rand, Pfizer, Renault, and
Visteon, as well as asset-based lenders, Barclays, HSBC, Lloyds, JP
Morgan, PNC, RBS and Siemens Financial.
In addition, the acquisition of GoIndustry further expands Liquidity
Services leading online marketplace for surplus assets, adding over
458,000 professional buyers and more than 1,000 annual online sales
events on the go-dove.com website across a broad range of industrial
capital assets.
“This strategic combination expands our seller base by adding over 50
Fortune 1000 clients across complementary vertical market segments,
enables us to offer important new services and broader global coverage
to our existing sellers, and grows the buyer base for our online
marketplaces,” said Bill Angrick, Chairman and CEO of Liquidity
Services. “Our combined offering will enable corporations to efficiently
manage, value, redeploy and sell surplus and idle equipment around the
globe with a uniformly high level of service and transparency. Our
complementary strengths, unmatched buyer base and know-how clearly
position Liquidity Services as the trusted provider of choice for
Fortune 1000 corporations in the reverse supply chain.”
During calendar year 2011, GoIndustry recorded approximately $211
million of gross merchandise volume.
Business Outlook
Liquidity Services expects the transaction to be neutral to fiscal year
2012 earnings and one to three cents per share accretive to fiscal 2013
results.
For further information regarding this transaction, please visit http://investor.liquidityservicesinc.com/phoenix.zhtml?c=195189&p=irol-presentations.
About Liquidity Services, Inc. (LQDT)
Liquidity Services, Inc. (NASDAQ: LQDT) provides leading corporations,
public sector agencies and buying customers the world’s most
transparent, innovative and effective online marketplaces and integrated
services for surplus assets. On behalf of its clients, Liquidity
Services has completed the sale of over $2.8 billion of surplus,
returned and end-of-life assets, in over 500 product categories,
including consumer goods, capital assets and industrial equipment. The
company is based in Washington, D.C. and has approximately 760
employees. Additional information can be found at: http://www.liquidityservicesinc.com.
Forward-Looking Statements
This document contains forward-looking statements made pursuant to the
Private Securities Litigation Reform Act of 1995, including, without
limitation, statements regarding the potential benefits and impact on
fiscal 2012 and 2013 operating results. The outcome of the events
described in these forward-looking statements is subject to known and
unknown risks, uncertainties and other factors that may cause our actual
results to differ materially from any future results expressed or
implied by these forward-looking statements. You can identify
forward-looking statements by terminology such as “expects,” or the
negative of these terms or other comparable terminology. We cannot
guarantee future results, levels of activity, performance or
achievements. There are a number of risks and uncertainties that could
cause our actual results to differ materially from the forward-looking
statements contained in this document. Such factors, among others,
include, but are not limited to, the inability to realize expected
benefits or synergies from the acquisition in the amounts or in the
timeframe anticipated; and difficulties relating to integration matters.
In addition, important factors that could cause our actual results to
differ materially from those expressed as forward-looking statements are
set forth in the Company’s Annual Report on Form 10-K for the fiscal
year ended September 30, 2011, including, but not limited to, those set
forth in Part I, Item IA (Risk Factors). There may be other factors of
which we are currently unaware that may cause our actual results to
differ materially from the forward-looking statements. All
forward-looking statements apply only as of the date of this document
and are expressly qualified in their entirety by the cautionary
statements included in this document. Except as may be required by law,
we undertake no obligation to publicly update or revise any
forward-looking statement occurring after the date of this document.
Source: Liquidity Services, Inc.
Liquidity Services, Inc.
Julie Davis, 202-558-6234
[email protected]
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