Acquisition to provide customers more equipment and services for their businesses
Ritchie Bros. 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 US$ 1.08bn.
Founded in 1998, Euro Auctions conducts unreserved heavy equipment auctions with onsite and online bidding under the brands Euro Auctions and Yoder & Frey, a press communiqué stated.
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 and more.
Want to stay updated on the latest industry news and trends? Subscribe today to receive your monthly news highlights directly in your inbox!
