Liquidity Services (LQDT) Acquires Sierra Auction

Liquidity Services, Inc. (NASDAQ: LQDT), a leading global commerce company powering the circular economy, today announced it has acquired Sierra Auction, a full-service auction company specializing in the sale of vehicles, equipment and surplus assets for government agencies, commercial businesses, and charities. Sierra hosts the largest weekly public online auctions in Arizona. The transaction accelerates Liquidity Services’ penetration of the southwest US market for municipal government surplus and expands the size of Liquidity Services’ overall transportation and used equipment footprint.

Established in 1986 in Phoenix, AZ, Sierra Auction is the sole auction outlet for seized and forfeited assets from several prominent state and county government agencies in Arizona. Additionally, Sierra has partnered with numerous charity organizations to auction donated vehicles.

“With Sierra’s strong track record of delivering value for government and commercial clients, this transaction enhances our business with immediate access to a growing portfolio of clients in the attractive southwestern US surplus market, expands our pre-and post-sale logistics services for fleet owners, and increases our network of buyers for used vehicles and high value equipment,” stated Bill Angrick, Chairman of the Board and Chief Executive Officer of Liquidity Services.

“Sierra hosts some of the largest monthly public auctions in the Southwest region. The combination of Sierra’s strengths in traditional auctions together with Liquidity Services' reach in digital auctions will be great for our customers and take our already strong business to the next level,” said Nick Carr, President of Sierra Auction.

Liquidity Services expects to retain Sierra’s current management team and its employees following the transaction.

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