Public sale firm Ritchie Bros. has entered in to a purchase settlement with European plant and equipment public sale home, Euro Auctions.
Ritchie Bros. will purchase Euro Auctions group for an enterprise worth of £775 million (roughly US$1.08 billion).
Based in 1998, Euro Auctions conducts unreserved heavy gear auctions with onsite and on-line bidding below the manufacturers Euro Auctions and Yoder & Frey, and employs over 200 workers in 14 international locations. Much like Ritchie Bros., Euro Auctions additionally sells objects by a timed public sale format and a day by day market with Purchase Now and Make Provide choices.
Euro Auctions founder and director Derek Keys says, “Dave Ritchie and his brothers were a big inspiration for my brothers and I in the creation of Euro Auctions. We modeled 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. might be retaining Euro Auctions workers and its model, each of that are extremely regarded within the EMEA area, the corporate says.
Ritchie Bros. says this acquisition will increase the corporate’s footprint and entry to gear, and can increase service choices to Euro Auctions clients, together with stock administration providers, knowledge options, financing, guarantee, insurance coverage, inspections, refurbishing, delivery, and extra.