euro auctions sold to ritchie bros

A spokesperson for Ritchie Bros. explained that after extensive consideration, Ritchie Bros. does not believe there is any realistic prospect for approval by the CMA on such terms, given the significant concerns raised by the CMA, to date. Forward-looking Non-GAAP Financial MeasuresThis release includes certain forward-looking non-GAAP financial measures, including EBITDA and adjusted net debt/adjusted EBITDA. We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. "We are not satisfied that the proposed undertakings from Ritchie Bros would fully address these concerns, which is why we are moving on to an in-depth Phase 2 investigation. When typing in this field, a list of search results will appear and be automatically updated as you type. 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. 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. This site is part of Newsquest's audited local newspaper network. contact the editor here. This combination will bring unprecedented and diversified choice to customers around the world, facilitating better price discovery and more equipment selection. This site is part of Newsquest's audited local newspaper network. This website uses cookies to improve your experience. ", 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. 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. VANCOUVER, BC, Dec. 6, 2021 /PRNewswire/ - Ritchie Bros. Auctioneers Incorporated (NYSE: RBA ) (TSX: RBA), (" Ritchie Bros . 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. Taking over Euro Auctions, which serves as Europes leading plant and machinery auction house, provides both of its customers with more equipment, solutions and services, Ritchie Bros. officials said, given their united goal to makeasset insights, service offerings and disposition solutions easier than ever. VANCOUVER, BC, Dec. 6, 2021 /PRNewswire/ - Ritchie Bros. Auctioneers Incorporated , today announced that it intends to commence an offering for approximately $935 million aggregate | December 17, 2022 inaccuracy or intrusion, then please Directory, Extended Site Mon Aug 9 2021 - 07:59 Global asset management company Ritchie Bros has acquired Northern Ireland-based Euro Auctions for nearly $1.1 billion (850 million) as it seeks 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 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. Forward-looking statements are made as of the date of this news release and Ritchie Bros. does not undertake any obligation to update the information contained herein unless required by applicable securities legislation. WebEuro Auctions sold to Ritchie Bros for 775m. "), today announced that it intends to "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. 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. If you are dissatisfied with the response provided you can Euro Auctions has an incredibly talented team, with expertise in asset sourcing, auction operations, sales, and customer service. In 2020 the company conducted 60 auctions, selling close to 90,000 items for 484+ million across its nine locations in the United Kingdom, NorthernIreland, Germany, Spain, the United Arab Emirates, Australia, and the United States. This website and associated newspapers adhere to the Independent Press Standards Organisation's After nine months of review, the UK Competition and Markets authority has informed us we must now proceed to Phase 2, with little chance of approval, based on expert third-party assessments. For more information about Ritchie Bros., visit RitchieBros.com. All Rights Reserved. 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. No. 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. contact IPSO here, 2001-2023. Their can do attitude and entrepreneurial spirit combined with technology has helped them adapt and grow, in much the same way as we have. VANCOUVER, BC, and WESTCHESTER, Ill. November 7, 2022 - Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA), (the "Company or "Ritchie Bros.) and IAA, Inc. (NYSE: IAA), today announced that they have entered into a definitive agreement under which Ritchie Bros. will acquire IAA in a stock and cash transaction valued at The foregoing list is not exhaustive of the factors that may affect Ritchie Bros.' forward-looking statements. A Gannett Company. Euro Auctions has an incredibly talented team, with expertise in asset sourcing, auction operations, sales, and customer service. It is intended that Jonnie Keys will assume a senior leadership position, and Lynden and Trevor Keys will be retained as sourcing leads. Forward-looking statements are made as of the date of this news release and Ritchie Bros. does not undertake any obligation to update the information contained herein unless required by applicable securities legislation. It is mandatory to procure user consent prior to running these cookies on your website. There can be no assurance that forward-looking statements will prove to be accurate, and actual results may differ materially from those expressed in, or implied by, these forward-looking statements. www.semcopublishing.com. 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. HQM is the digital magazine focused on Construction, Earthmoving, Lifting, Mining, Heavy-duty Farm equipment for the global market. 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. This is a moderated forum. This acquisition looks to further establish Ritchie Bros. as a trusted global marketplace. 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. Their can do attitude and entrepreneurial spirit combined with technology has helped them adapt and grow, in much the same way as we have. The Notes have not been and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This represents an implied multiple of ~15.3x 2021E EBITDA (non-GAAP measure), including run rate synergies. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. If you have a complaint about the editorial content which relates to 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 transaction close. Closing time: Lots close at 30 second intervals. 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. It is expected to close in late 2021 or early 2022 pending regulatory clearances. 2023 BBC. With Euro Auctions presence in Europe and the Middle East, Ritchie Bros. international footprint will grow immensely due to this momentous acquisition. Jefferies International Limited is serving as financial advisor to the vendors of Euro Auctions, and A&L Goodbody LLP as legal advisor. 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 However the UK competition watchdog, the The Notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"), and to non-U.S. persons outside the U.S. in reliance on Regulation S of the Securities Act. ", Brothers delighted with 775m deal for Tyrone firm, Russian missiles hit 'crowded' centre of Ukraine city, Belarus leader welcomes Wagner boss into exile, Actor Julian Sands confirmed dead after remains identified. Since 2015, CFGMS has worked one-on-one with referral partners and is dedicated to customer service, providing a great user experience, and transparency. We also use third-party cookies that help us analyze and understand how you use this website. It is said that Jonnie Keys will assume a senior leadership position, and Lynden and Trevor Keys will be retained as sourcing leads. Cision Distribution 888-776-0942 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. 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. The Sale and Purchase Agreement dated August 9, 2021, pursuant to which Ritchie Bros. had agreed to purchase Euro Auctions Limited, William Keys & Sons Holdings Limited, The equipment-as-a-service sector is poised for monumental growth, thanks to the by Matthew Hudson, Spencer Lippman, Chris Sweet. 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. But opting out of some of these cookies may affect your browsing experience. 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 By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. Ritchie Bros. - Mossleigh, AB, CAN - Timed Auction - Lots: 31 Ritchie Bros. - Mossleigh, AB, CAN - Timed Auction - Lots: 118 - 377 Mossleigh, AB, CAN 2023-06-24 . contact IPSO here, 2001-2023. Denver, CO 80231 USA, 303-283-0640 Providers, Author , . 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. DLL Launches Whitepaper Spotlighting AgTech, Ahrendt Joins Pinnacle Financial Partners as Credit Advisor, Acquis Appoints Madison as Managing Director to Lead U.S. Ritchie Bros. has a history of making strategic acquisitions for geographic expansion and digital transformation. Private Treaty, offering privately negotiated sales. In 2020 the company conducted 60 auctions, selling close to 90,000 items for 484+ million across its nine locations in Great Britain, Northern Ireland, Germany, Spain, the United Arab Emirates, Australia, and the United States. 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. 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. Euro Auctions has an incredibly talented team, with expertise in asset sourcing, auction operations, sales, and customer service. Their can do attitude and entrepreneurial spirit combined with technology has helped them adapt and grow, in much the same way as we have. Ritchie Bros. conducted its largest Canadian auction of the Canadian gold producer B2Gold has entered into a definitive Idaho silver producer Hecla Mining is set to acquire Alpha Metallurgical faces shipment delays, North Antelope Rochelle partially operational after tornado, MSHA reports 20th, 21st fatalities of 2023, Peabody seals off two Ala. longwall panels after fire, North American Mining Magazine Media Kit Request, MSHA impact inspections catch 335 violations in April, WIM National Conference marks record attendance, Superior will expand manufacturing plant in Arizona. Year. Ritchie Bros. - Moerdijk, NLD - Timed Auction - Lots: 469 - 852 Moerdijk, NLD 2023-06-23 . We'll assume you're ok with this, but you can opt-out if you wish. Network Membership: Accelerates Its Journey This acquisition will accelerate its journey, strengthen its strategic pillars and further establishes Ritchie Bros. as the trusted global marketplace for insights, service and transaction solutions for commercial assets. This website uses cookies to improve your experience while you navigate through the website. No. Serving Asset-Based Lending Decision Makers. Strategic rationale for the acquisition: Transaction TermsUnder the terms of the transaction, Ritchie Bros. will acquire 100 percent of the equity of the companies comprised within the Euro Auctions group for an enterprise value of approximately $1.08 billion in cash. In a bid to expand its presence in the EMEA region, Canadian asset manager and heavy equipment auctioneer Ritchie Bros. is set to acquire Euro Auctions in a deal with an enterprise value of about US$1.08 billion. 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Directory, Extended Site 8751 E. Hampden Ave B1 We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA) ("Ritchie Bros."), today announced that it has priced its previously announced offering of the following two . Bidding closes on: Monday Jun 26, 2023. If Ritchie Bros. can't deliver clear title on a purchase, the buyer is entitled to a full refund of the purchase price. Your Company Listed, Submit 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. Data returned from the Piano 'meterActive/meterExpired' callback event. Euro Auctions is an ideal and complementary brand to expand Ritchie Bros. global footprint. Conference call and webcast details are available at the following link:https://investor.ritchiebros.com. 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. Editors' Code of Practice. Ritchie Bros also works in buying and selling used heavy equipment across construction, transportation and agriculture. 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 document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Stay up to date on technology, regulations and trucking life. Share. This website and associated newspapers adhere to the Independent Press Standards Organisation's 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. share. 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. VANCOUVER, BC, Aug. 8, 2021 - Ritchie Bros., a leading global asset management, disposition, and services company; and Europe's leading plant and machinery auction house, Euro Auctions, have jointly En vous inscrivant la newsletter, vous consentez la rception de contenus de notre part. 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. Year. Ritchie Bros. has 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 necessarily involve assumptions, risks and uncertainties, certain of which are beyond Ritchie Bros.' control, including risks and uncertainties related to: general economic conditions and conditions affecting the industries in which Ritchie Bros. and the Target Companies operate; obtaining regulatory approvals in connection with the Acquisition; each of Ritchie Bros.' and the Target Companies' ability to satisfy the conditions in the Acquisition agreement and financing commitment and consummate the transactions on the anticipated timetable, or at all; Ritchie Bros.' ability to successfully integrate the Target Companies' operations and employees with Ritchie Bros.' existing business; the ability to realize anticipated growth, synergies and cost savings in the Acquisition; the maintenance of important business relationships; the effects of the Acquisition on relationships with employees, customers, other business partners or governmental entities; transaction costs; deterioration of or instability in the economy, the markets Ritchie Bros. serves or the financial markets generally; currency fluctuations; as well as the risks and uncertainties set forth in Ritchie Bros.' Annual Report on Form 10-K for the year ended December 31, 2020, and Ritchie Bros.' Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, each of which are available on the SEC, SEDAR, and Ritchie Bros.' websites. Ritchie Bros. suite of tools and digital services will potentially unlock value for Euro Auctions customers. 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.. In 2020 the company conducted 60 auctions, selling close to 90,000 items for 484+ million across its nine locations in the United Kingdom, Northern Ireland, Germany, Spain, the United Arab Emirates, Australia, and the United States. from 8 AM - 9 PM ET. 2023 Mower King BUSH HOG SSRC Skid Steer Mower (Unused) In yard. Those ads you do see are predominantly from local businesses promoting local services. We modeled much of what we do off Daves customer-centric philosophy, which still runs through Ritchie Bros. today. Manufacturer. 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. Euro Auctions, founded in 1998, conducts onsite and online heavy equipment auctions under the Euro Auctions and Yoder & Frey brands, and has 200 employees in 14 If Ritchie Bros. can't deliver clear title on a purchase, the buyer is entitled to a full refund of the purchase price. inaccuracy or intrusion, then please All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. 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, Ritchie Bros. CEO Ann Fandozzi said in a related press release. We always have a large inventory of trailers for sale. Ann Fandozzi, the company's Chief Executive Officer, said: "We are disappointed by the decision taken by the CMA to refer the proposed acquisition to a Phase 2 review, and respectfully disagree with their views. 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. Expansion, U.S. Bank Fallout Extends to Various Non-Bank Financial Sectors, Fitch Ratings, J.P. Morgan Commercial Banking Hires Hamilton for Equipment Finance Business, Republic Bank Acquires CBank and CIF, Expands Equipment Financing and Leasing, BankProv Appoints Two New Members to Executive Leadership Team, Moodys Puts First Republic and Five U.S. Banks on Downgrade Watch, Bloomberg, View All Most Popular News Stories , Exchange Bank Expands Yeomans Role as SVP, Senior Lending Officer, Overall Lender Confidence Still Positive in Q1, But Down from End of 2022, First Citizens Bank Provides $10MM in Financing to Nordic Hamburg, Alfa Shares Insights on SaaS and Cloud Services, TD Bank Survey Shows Top Concerns of Small Business Owners, ELFA: May New Business Volume Up 1% Y/Y, Up 0.9% YTD, CLFP Foundation Adds 21 New CLFPs, First CLFP in Pakistan, Impact of the Recent Federal Infrastructure Investment Bills on the Equipment Finance Industry. Lots 1 will be sold at The transaction has already been approved by the board of directors ofRitchie Bros. 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. The largest business services acquisition in 2021 was UDG Healthcare - which was acquired by Clayton Dubilier & Rice for $3.7B. Share. 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. WebNew and used air compressors for sale. If Ritchie Bros. can't deliver clear title on a purchase, the buyer is Ritchie Bros said it did not believe there was "any realistic prospect" the deal would be approved by the CMA. Serving Equipment Finance Decision Makers. 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.
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