Ritchie Bros. acquires the international Euro Auctions Group
Ritchie Bros., a leading global asset management, disposition and services company and Europe's leading plant and machinery auction house, Euro Auctions have entered into a purchase agreement under which Ritchie Bros. will acquire Euro Auctions Group for an enterprise value of £ 775 million (approximately USD 1.08 billion). With a team led by M&A specialist Dr. Martin Imhof, Partner at the Düsseldorf office, Heuking Kühn Lüer Wojtek advised the founder and seller of Euro Auctions on the German parts of the business operations and the transaction. A&L Goodbody, Belfast acted as lead counsel for the seller.
Founded in 1998, Euro Auctions conducts unreserved heavy equipment auctions with onsite and online bidding under the brands Euro Auctions and Yoder & Frey, with more than 200 employees in 14 countries. In 2020, Euro Auctions conducted 60 auctions, selling close to 90,000 items for more than £484 million across its nine locations in the United Kingdom, Northern Ireland, 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.
Through the transaction, Ritchie Bros. will expand its 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.
Counsel to Euro Auctions Group
Heuking Kühn Lüer Wojtek:
Dr. Martin Imhof (lead, Corporate / M&A), Düsseldorf
Sebastian Pollmeier (Corporate / M&A), Düsseldorf
Bernd Weller (Employment), Frankfurt
Dr. Christoph Gerhard (Employment), Frankfurt
Dr. Christian Appelbaum (Finance), Düsseldorf
Birgit Schreier (Commercial), Hamburg
Astrid Luedtke (Data Protection / IP), Düsseldorf
Dorothee Linnartz, LL.M. (Real Estate), Düsseldorf
Alastair Keith (Corporate / M&A)
Catherine Irvine (Corporate / M&A)
Tiarnan McKeown (Corporate / M&A)