Ritchie Bros has stumped up £775 million (approximately US$1.08 billion) to buy out Europe’s leading plant and machinery auction house Euro Auctions.
According to a joint announcement, the two firms have entered into an agreement under which Ritchie Bros. will acquire Euro Auctions group for an enterprise value of £775 million (approximately US$1.08 billion).
Founded in 1998, Euro Auctions conducts unreserved heavy equipment auctions with onsite and online bidding under the brands Euro Auctions and Yoder & Frey, with 200+ employees in 14 countries.
In 2020 the company conducted 60 auctions, selling close to 90,000 items for £484+ million across its nine locations in the United Kingdom, Northern Ireland, Germany, Spain, the United Arab Emirates, Australia, and the United States.
Similar to Ritchie Bros, Euro Auctions also sells items through a timed auction format and a daily marketplace with Buy Now and Make Offer options.
Ritchie Bros will be retaining Euro Auctions employees and its brand, both of which are highly regarded in the EMEA region.
This purchase will expand Ritchie Bros.’ overall footprint and access to equipment, while also tapping into new revenue streams with service offerings to Euro Auctions customers, including inventory management services, data solutions, financing, warranty, insurance, inspections, refurbishing, shipping, and more.