Ritchie Bros. to acquire Euro Auctions and expand its reach in EMEA region
Published by Aimee Knight,
Editorial Assistant
World Pipelines,
Ritchie Bros., a leading global asset management, disposition, and services company; and Europe’s leading plant and machinery auction house, Euro Auctions, have jointly announced that they 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 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.
Read the article online at: https://www.worldpipelines.com/business-news/09082021/ritchie-bros-to-acquire-euro-auctions-and-expand-its-reach-in-emea-region/
You might also like
Decouplers making a difference
Jay Warner, Dairyland Electrical Industries, USA, Jerzy Sibila and Jerzy Mossakowski, CORRSTOP, Poland, explain how AC mitigation is a proven technique to solve AC interference problems on pipelines, referring specifically to the use of DC decouplers.