Ritchie Bros. will buy Euro Auctions, parent of Yoder & Frey, in a $1.08 billion deal Ritchie says will give it a larger footprint in Europe and the Middle East. Ritchie says it will acquire 100% of Euro Auctions equity. In addition, it will retain key management employees, including Derek Keys, Euro Auction founder and director. The deal is expected to be final in the first quarter of 2022. “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,” says Ann Fandozzi, Ritchie CEO. Founded in 1998, Euro Auctions purchased U.S.-based Yoder & Frey in 2016, the same year Ritchie purchased Iron Planet. Euro Auctions says it conducted 60 unreserved heavy equipment auctions in 2020 through its live and online sales, selling close to 90,000 items. READ FULL ARTICLE >>
