Euro Auctions, which was founded in 1998, conducts unreserved heavy equipment auctions with on-site and online bidding under the brands Euro Auctions and Yoder & Frey. It has more than 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 UK, 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 and Euro Auctions are an ideal fit with a united goal to make asset insights, service offerings and disposition solutions easier than ever," said Ritchie Bros CEO Ann Fandozzi. "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."
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Euro Auctions founder and director Derek Keys 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.
The transaction is expected to close in late 2021 or early 2022.
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