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Wed December 06 2023

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Euro Auctions makes Canadian acquisition

5 Oct Eighteen months after its acquisition by one Canadian competitor was blocked, Euro Auctions has now acquired itself another.

Euro Auctions has taken over Michener Allen Auctioneering in Canada.

Both companies are auction houses that specialise in industrial equipment and machinery.

Michener Allen, founded in 1971, has 50 employees and operates from three permanent sites in Edmonton and Calgary in Alberta, and Winnipeg in Manitoba. It conducts 50 auctions per year.

In August 2021 Ritchie Bros announced that it had reached a deal to take over Euro Auctions for £775m. Ritchie Bros is also a Canadian business, though operates internationally. However the UK Competition & Markets Authority (CMA) blocked Ritchie Bros’ purchase of Euro Auctions because together they would have a 90% share of the UK market for the supply of auction services for heavy construction machinery. In May 2022 the deal was scrapped.

Euro Auctions already owns Yoder & Frey Auctioneers in the USA, acquired in 2017. The  addition of Michener Allen increases its footprint across North American operations  – and right into Ritchie Bros' back yard.

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The Michener Allen brand will be retained in Canada, Euro Auctions said.

Euro Auctions founder Derek Keys said: “We don’t see this as an acquisition more of a coming together of two strong family businesses, sharing the same core principle of delivering unrivalled customer service by treating both buyers and sellers equally. We have always kept a keen eye on the Canadian market with the ambition one day of entering it, so we are delighted with this opportunity.”

Ian and Wade Michener, who run Michener Allen, will remain in the business and will continue to oversee operations.

“The Euro Auctions Group will further strengthen our focus on industrial and agricultural equipment markets in Canada and we look forward to benefitting from the truly global customer base of the Euro Auctions Group,” Ian Michener said. “This is just the start of the next chapter of the 52-year history of our company, and we look forward to working with the Euro Auctions team. Importantly, Euro Auctions will be retaining the Michener Allen employees and brand, and this will really give our brand global exposure.”

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