A Co Tyrone machinery auctions firm has been sold to a Canadian company in a £775m deal.
Euro Auctions, which is based in Dromore, will be acquired by Canadian outfit Ritchie Bros in the deal which is worth more than $1 billion.
The company was founded by director Derek Keys and his brothers in 1998, and has become one of the leading auctioneers of heavy equipment both onsite and online, organising auctions in the US, Australia and closer to home in Dromore.
The company’s founder said Euro Auctions’ original business was based on that of Ritchie Bros, with the Canadian company stating all jobs at the Co Tyrone business will be retained.
"Dave Ritchie and his brothers were a big inspiration for my brothers and I in the creation of Euro Auctions,” Derek Keys said.
“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."
In 2020, Euro Auctions held a total of 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.
"Euro Auctions has an incredibly talented team, with expertise in asset sourcing, auction operations, sales, and customer service,” said Ritchie Bros CEO Ann Fandozzi.
“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 currently employs more than 200 staff worldwide, including 70 at its Dromore headquarters.
For more Co Tyrone news, visit our new site MyTyrone.
