Euro Auctions to be sold for £775m

A WELL-KNOWN Dromore business that employs more than 200 people in 14 countries has been acquired by a Canadian firm for £775 million.

Euro Auctions Group, Europe’s leading plant and machinery auction house, this week jointly announced that they have entered an agreement with global asset management, disposition and services company, Ritchie Bros.

Euro Auctions founder and director, Derek Keys, said, “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, both of which are highly regarded in Europe, the Middle East and Africa.

A spokesperson for the Canadian firm added, “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, insurance, inspections, refurbishing, shipping, and more.”

Founded in 1998, Euro Auctions conducts unreserved heavy equipment auctions with on-site and online bidding under the brands Euro Auctions and Yoder & Frey.

In 2020, the company conducted 60 auctions, selling close to 90,000 items for more than £484m across its nine locations in the United Kingdom, Northern Ireland, Germany, Spain, the United Arab Emirates, Australia and the United States.