In a bid to expand its presence in the EMEA region, Canadian asset manager and heavy equipment auctioneer Ritchie Bros. is set to acquire Euro Auctions in a deal with an enterprise value of about US$1.08 billion.
Taking over Euro Auctions, which serves as Europe’s leading plant and machinery auction house, provides both of its customers with more equipment, solutions and services, Ritchie Bros. officials said, given their united goal to make asset insights, service offerings and disposition solutions easier than ever.
“This acquisition significantly accelerates our strategy to drive revenue and earnings growth and add shareholder value by continuing to expand our capabilities in new channels, sectors, regions, and customer segments,” Ritchie Bros. CEO Ann Fandozzi added.
Ritchie Bros. said it will be retaining Euro Auctions employees and the brand, both of which are highly regarded in the EMEA region.
Euro Auctions, founded in 1998, holds unreserved heavy equipment auctions with on-site and online bidding under the brands Euro Auctions and Yoder & Frey and has employees in 14 countries.
In 2020 the company conducted 60 auctions, selling close to 90,000 items for more than £484 million across its nine locations in the United Kingdom, Northern Ireland, Germany, Spain, the United Arab Emirates, Australia and the United States.
The transaction has already been approved by the board of directors of Ritchie Bros. It is expected to close in late 2021 or early 2022 pending regulatory clearances.
Source: Ritchie Bros.