AUCTIONEER Ritchie Bros. has agreed to buy Euro Auctions for an enterprise value of £775 million.
Founded in 1998, Euro Auctions conducts heavy equipment auctions and boasts over 200 employees in 14 countries. Last year the company conducted 60 auctions, selling close to 90,000 items for over £484 million across nine locations.
“Ritchie Bros. and Euro Auctions are an ideal fit with a united goal to make asset insights, service offerings and disposition solutions easier than ever,” said Ann Fandozzi, CEO of Ritchie Bros. “Euro Auctions has an incredibly talented team, with 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. 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.”
Derek Keys, Euro Auctions founder and director, added, “Dave Ritchie and his brothers were a big inspiration for my brothers and I in the creation of Euro Auctions. We modelled much of what we do off Dave’s customer-centric philosophy, which still runs through Ritchie Bros. today. 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.”
Ritchie Bros. will be retaining Euro Auctions employees and its brand.