"RB's legacy business (i.e., Ritchie Bros) has evolved substantially, particularly in the last decade. Through a series of acquisitions, the company has shifted from being a traditional auctioneer to a technology-driven asset disposition company. This transformation was accelerated by pandemic-induced supply chain disruptions, which led to significant growth in the legacy business. While we do expect this growth to normalize in the coming years, Ritchie Bros provides the company with a very stable base with high barriers to entry in a counter-cyclical industry."