Ritchie Bros. Acquires Euro Auctions and Strengthen its Position 2023 AGROTK LBT23 Mini Compact Track Loader (Unused) Accordingly, investors are cautioned not to place undue reliance on these measures. Equipment Journal. These adverts enable local businesses to get in front of their target audience the local community. Following the close of the transaction and the required financing, Ritchie Bros. is expected to have an adjusted net debt to adjusted EBITDA ratio (non-GAAP measure) of approximately 3.9x.Ritchie Bros. has secured employment arrangements with key management of the Euro Auctions business, including Derek Keys, who will continue to be involved for a minimum of three years post-closing. For the reasons set forth above, you should not place undue reliance on forward-looking statements. Ritchie Bros. Auctioneers is to fully acquire parts e-procurement company SmartEquip for US$175 million. However the UK competition watchdog, the Competition and Market Authority (CMA), began an investigation. from 8 AM - 9 PM ET. ", Euro Auctions Founder and Director Derek Keys added, "Dave Ritchie and his brothers were a big inspiration for my brothers and I in the creation of Euro Auctions. For more information about Ritchie Bros., visit RitchieBros.com. www.semcopublishing.com. The equipment-as-a-service sector is poised for monumental growth, thanks to the by Matthew Hudson, Spencer Lippman, Chris Sweet. Manufacturer. Working together to provide customers more equipment, solutions, and services for their businesses. Euro Auctions has an incredibly talented team, with expertise in asset sourcing, auction operations, sales, and customer service. Your Company Listed, Submit Global Platform for At-Risk The combined entity will be able to leverage industry best practices and decades of equipment expertise, while providing access to more capital to quickly offer robust at-risk consignment options for customers globally, regardless of transaction size. Caution Regarding Forward-Looking StatementsThis news release contains forward-looking statements and forward-looking information within the meaning of applicable U.S. and Canadian securities legislation (collectively, "forward-looking statements"), including, in particular, statements regarding the ability of Ritchie Bros. to satisfy the conditions in the Euro Auctions acquisition agreement and financing commitment and consummate the transactions on the anticipated timeline, or at all, the U.S. dollar cost of the purchase price which the agreement states in British pounds, the benefits and synergies of the Euro Auctions transaction, future opportunities for the combined businesses of Ritchie Bros. and Euro Auctions, future financial and operational results, personnel matters and any other statements regarding events or developments that Ritchie Bros. believes or anticipates will or may occur in the future. The largest business services acquisition in 2021 was UDG Healthcare - which was acquired by Clayton Dubilier & Rice for $3.7B. The combined entity hopes to be able to leverage their proven practices and years of equipment expertise and experience, while providing access to more capital in order to quickly offer robust consignment options for customers, regardless of transaction size. Euro Auctions sold to Ritchie Bros Founded in 1998, Euro Auctions conducts unreserved heavy equipment auctions with onsite and online bidding under the brands Euro Auctions and Yoder & Frey, with 200+ employees in 14 countries. In 2020 the company conducted 60 auctions, selling close to 90,000 items for over USD$670 million across its nine locations in the United Kingdom, NorthernIreland, Germany, Spain, the United Arab Emirates, Australia and the United States. Those ads you do see are predominantly from local businesses promoting local services. Ritchie Bros. intends to finance the transaction through a combination of cash on hand and new debt; and has bridge financing commitments from Goldman Sachs Bank USA, subject to customary terms and conditions to facilitate the closing of the transaction. During an initial review the CMA found the companies had a very high market share in the supply of auction services for heavy construction machinery. Ritchie Bros. to Acquire Euro Auctions in $1.08B Deal Ritchie Bros These cookies will be stored in your browser only with your consent. Denver, CO 80231 USA, 303-283-0640 Dromore plant and machinery auction house Euro Auctions is to be sold to Ritchie Bros., a global asset management, disposition, and services company for an enterprise value of Online bidding is always free. It is intended that Jonnie Keys will assume a senior leadership position, and Lynden and Trevor Keys will be retained as sourcing leads.The transaction was approved by the Board of Directors of Ritchie Bros. and is expected to close in late 2021 or early 2022, subject to regulatory clearances and the satisfaction of other customary closing conditions.AdvisorsGoldman Sachs & Co. LLC is serving as exclusive financial advisor to Ritchie Bros., Norton Rose Fulbright LLP and Skadden, Arps, Slate, Meagher & Flom LLP are serving as legal advisors, and KPMG LLP is serving as accounting, tax and IT advisor. Euro Auctions is an ideal and complementary brand to expand Ritchie Bros. global footprint. Transaction TermsUnder the terms of the transaction, Ritchie Bros. will acquire 100% of the equity of the companies comprised within the Euro Auctions group for an enterprise value of 775 million (approximately US$1.08 billion)in cash. Bid in Wakaw, SK, CAN | Ritchie Bros. Auctioneers These tools and services include a free business inventory management system from RB Asset Solutions, data analytics tools like Market Trends and RB Asset Valuator, financing from Ritchie Bros. Financial Services, as well as shipping, insurance, warranties, refurb, and inspection services. Private Treaty, offering privately negotiated sales; and sector-specific solutions GovPlanet, TruckPlanet, and Kruse Energy. "Ritchie Bros. and Euro Auctions are an ideal fit with a united goal to make asset insights, service offerings and disposition solutions easier than ever," said Ann Fandozzi, Ritchie Bros. CEO. Their can do attitude and entrepreneurial spirit combined with technology has helped them adapt and grow, in much the same way as we have. 2023. A Gannett Company. Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances. VANCOUVER, BC, Dec. 6, 2021 /PRNewswire/ -Ritchie Bros. Auctioneers Incorporated (NYSE: RBA)(TSX: RBA), ("Ritchie Bros."), today announced that it intends to commence an offering for approximately $935 million aggregate principal amount of the following two series of senior notes subject to market conditions: Ritchie Bros. intends to use the net proceeds from the offering of the Notes, together with proceeds from its delayed-draw term loan and cash on hand or available under its revolving facilities, to fund the consideration payable in the previously announced acquisition of Euro Auctions Limited ("Euro Auctions"), William Keys & Sons Holdings Limited ("WKS Holdings"), Equipment & Plant Services Ltd ("EPSL") and Equipment Sales Ltd ("ESL" and together with Euro Auctions, WKS Holdings, and EPSL, the "Target Companies") and related fees and expenses. Ritchie Bros. to acquire SmartEquip It is intended that Jonnie Keys will assume a senior leadership position, and Lynden and Trevor Keys will be retained as sourcing leads. Lots 1 will be sold at We also use third-party cookies that help us analyze and understand how you use this website. Conference call and webcast details are available at the following link:https://investor.ritchiebros.com. Since 1999, the global auctioneer has acquired over ten rival companies and service providers in North America and Europe, which has enabled Ritchie Bros. to offer multichannel platforms and accelerate its transition to an end-to-end What losses did Russia suffer in the Wagner revolt? No. 2023 AGROTK LBT23 Mini Compact Track Loader (Unused) In yard. We always have a large inventory of trailers for sale. No. Ritchie Bros. will be retaining Euro Auctions employees and its brand, both of which are highly regarded in the EMEA region. Analysts and institutional investors may participate via conference call, using the following dial-in information:1-888-664-6392 (toll-free North America)1-416-764-8659 (Toronto & overseas long-distance)Please quote conference ID 70459112 if prompted. In 2020 the company conducted 60 auctions, selling close to 90,000 items for more than $569 million across its nine locations in the United Kingdom, Northern Ireland, Germany, Spain, the United Arab Emirates, Australia and the United States. "This merger would combine the two largest auction providers in this sector, risking higher commissions and lower service quality. The decision by Canada-based Ritchie Bros. to call off the purchase follows after the UK Competition and Markets Authority (CMA) referred the deal for an in-depth Phase 2 investigation. Ritchie Bros and Europes 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 approximately $1.08 billion.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. . Ritchie Bros Vote. Their can do attitude and entrepreneurial spirit combined with technology has helped them adapt and grow, in much the same way as we have. Euro Auctions has an incredibly talented team, with expertise in asset sourcing, auction operations, sales, and customer service. It supports $1 billion worth of transactions every year. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused. Newsquest Media Group Ltd, 1st Floor, Chartist Tower, Upper Dock Street, Newport, Wales, NP20 1DW Registered in England & Wales | 01676637 |. The planned purchase of Dromore plant and machinery auction house Euro Auctions for 775 million has been abandoned by global asset management, disposition, and services company,Ritchie Bros. Auctioneers. Following the close of the transaction and the required financing, Ritchie Bros. is expected to have an adjusted net debt to adjusted EBITDA ratio (non-GAAP measure) of approximately 3.9x.Ritchie Bros. has secured employment arrangements with key management of the Euro Auctions business, including Derek Keys, who will continue to be involved for a minimum of three years post-closing. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan, "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or statements that events or conditions "will", "would", "may", "could", "should" or "might" occur. Jefferies International Limited is serving as financial advisor to the vendors of Euro Auctions, and A&L Goodbody LLP as legal advisor. Pace Publishing Limited. Map, Get We use cookies to make your website experience better. Similar to Ritchie Bros., Euro Auctions also sells items through a timed auction format and a daily marketplace with Buy Now and Make Offer options.Ritchie Bros. and Euro Auctions are an ideal fit with a united goal to make asset insights, service offerings and disposition solutions easier than ever, said Ann Fandozzi, Ritchie Bros. CEO. Ritchie Bros. and Europes leading plant and machinery auction house, Euro Auctions, have announced that Ritchie Bros. will acquire Euro Auctions group for an enterprise value of approximately US$1.08 billion. Euro Auctions has a considerable presence across Europe and the Middle East, particularly in the U.K. and Germany, Ritchie Bros. says, noting that the acquired business will be used as a platform to accelerate international growth. Editors' Code of Practice. Under the terms of the transaction, Ritchie Bros. will acquire 100% of the equity of the companies comprised within the Euro Auctions group for an enterprise value of 775 million (approximately US$1.08 billion) in cash. Ritchie Bros. and Euro Auctions are an ideal fit with a united goal to make asset insights, service offerings and disposition solutions easier than ever, said Ann Fandozzi, Ritchie Bros. CEO. Ritchie Bros. has secured employment arrangements with key management of the Euro Auctions business, including Derek Keys,who will continue to be involved for a minimum of three years post-closing. Derek Keys, Euro Auctions Director and Founder. Similar sold items. Euro Auctions has an incredibly talented team, with expertise in asset sourcing, auction operations, sales, and customer service. Euro Auctions sold to Ritchie Bros Sacked teacher vows to defend 20 years of absence, Pompeii archaeologists discover 'pizza' painting, Illegal trade in AI child sex abuse images exposed, Kyiv likely to have retaken land held since 2014 - UK, Drinks giant ends 'broken' Diddy partnership, Kill all the rats - exterminating predators to save birds. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused. We modeled much of what we do off Daves customer-centric philosophy, which still runs through Ritchie Bros. today. Equipment Finance Advisor, Inc. All rights reserved. Ritchie Bros. To Buy Euro Auctions Group In US$1.08 Bln About Ritchie Bros.:Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. 2023 AGROTK LBT23 Mini Compact Track Loader (Unused) In yard. , , , , , , Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, https://investor.ritchiebros.com/events-and-presentations, Ritchie Bros. sells CA$225+ million of equipment & vehicles in April Edmonton event, Ritchie Bros. sells 5,100+ items for US$52+ million in Rocky Mountain Regional Event. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Euro Auctions has considerable presence across Europe and the Middle East, particularly in the U.K. and Germany and will serve as a platform to accelerate international growth. , Accelerates Inventory Management System Adoption Ritchie Bros. suite of tools and digital services will unlock value for Euro Auctions customers post acquisition, providing a more robust offering for customers. We'll assume you're ok with this, but you can opt-out if you wish. Copyright 2012-2023 This news release contains forward-looking statements and forward-looking information within the meaning of applicable U.S. and Canadian securities legislation (collectively, "forward-looking statements"), including, in particular, statements regarding Ritchie Bros.' ability to consummate the proposed Notes offering and, if consummated, Ritchie Bros.' ability to satisfy the conditions in the Acquisition agreement and financing commitment and consummate the transactions on the anticipated timeline, or at all, the U.S. dollar cost of the purchase price which the agreement states in British pounds, the benefits and synergies of the Acquisition, future opportunities for the combined businesses of Ritchie Bros. and the Target Companies, future financial and operational results, personnel matters and any other statements regarding events or developments that Ritchie Bros. believes or anticipates will or may occur in the future. It has been reported thatthe firms were the two major auction providers for heavy equipment in the UK, raising concerns that a merger would bring down competition and raise prices for clients in construction.

Experience Conference Orlando, President Obama Speaks To Students Answer Key, Another Stasis-sealed Chest In Bray Exoscience, Forex Trading App Demo, Articles E