Business, Earthmoving News

Ritchie Bros buys Euro Auctions

Billion dollar deal sees major heavy equipment auctioneer bought out by a larger firm as part of its expansion strategy

Canadian auctions and asset management firm Ritchie Bros has acquired plant and machinery auction house Euro Auctions for £775 million (A$1.46 billion).

In an announcement, Ritchie Bros says it will retain both the employees and the brand of Euro Auctions, saying both are highly regarded across Europe, the Middle East and Africa.

Euro Auctions has over 200 employees in 14 countries, with auctions conducted at nine locations around the world, including a site in Brisbane.

In addition to selling in person, both companies also sell items through a timed auction format and a daily marketplace with Buy Now and Make Offer options.

Ritchie Bros chief executive Ann Fandozzi says the companies are an ideal fit, praising the Euro team’s expertise in asset sourcing, auction operations, sales and customer service.

“Their ‘can do’ attitude and entrepreneurial spirit combined with technology has helped them adapt and grow, in much the same way as we have,” she says.

Ritchie Bros adds that the deal will give Euro Auctions customers access to service offerings including inventory management services, data solutions, financing, warranty, insurance, inspections, refurbishing and shipping.

Euro Auctions founder and director Derek Keys adds that “Dave Ritchie and his brothers were a big inspiration for my brothers and I in the creation of Euro Auctions.”

“Bringing us together will drive value for customers, as we provide more equipment, solutions, and services to the many industries and regions in which we operate.”

The companies also believe their combined strengths will enable them to access more capital to quickly offer robust at-risk consignment options for customers globally, regardless of transaction size.

Derek Keys will continue to be involved with the merged entity for at least three years after the deal is concluded, while it is also intended that Jonnie Keys, Lynden and Trevor Keys will remain with the firm, Ritchie Bros says.

Ritchie Bros has Australian bases in Forty Mile, Brisbane, Moree, Dubbo, Mittagong, Geelong, Adelaide, and Perth. The company is planning to hold a national agricultural machinery auction online on September 9.

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