Business
Ritchie Bros. to acquire Euro Auctions and expand its reach in EMEA region
Ritchie Bros. to acquire Euro Auctions and expand its reach in EMEA region Cana...
About this update from Rb Global, Inc.
[{"type":"text","content":"\n \n \n \n Ritchie Bros. to acquire Euro Auctions and expand its reach in EMEA region\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n Working together to provide customers more equipment, solutions, and services for their businesses\n \n \n \n VANCOUVER, BC\n \n ,\n \n Aug. 8, 2021\n \n /CNW/ -\n \n Ritchie Bros\n \n ., a leading global asset management, disposition, and services company; and\n \n Europe's\n \n leading plant and machinery auction house, Euro Auctions, have jointly announced that they have entered into an agreement under which\n \n Ritchie Bros\n \n . will acquire Euro Auctions group for an enterprise value of £775 million (approximately\n \n US$1.08 billion\n \n ).\n \n \n 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\n \n United Kingdom\n \n , Northern Ireland,\n \n Germany\n \n ,\n \n Spain\n \n , the\n \n United Arab Emirates\n \n ,\n \n Australia\n \n , and\n \n the United States\n \n . Similar to\n \n Ritchie Bros\n \n ., Euro Auctions also sells items through a timed auction format and a daily marketplace with Buy Now and Make Offer options.\n \n \n \"\n \n Ritchie Bros\n \n . and Euro Auctions are an ideal fit with a united goal to make asset insights, service offerings and disposition solutions easier than ever,\" said\n \n Ann Fandozzi\n \n ,\n \n Ritchie Bros\n \n . CEO. \"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, secto...