Tyrone-based Euro Auctions has acquired Canadian company Michener Allen Auctioneering in a deal that will strengthen its existing North American operations.
The value of the deal was not disclosed.
Dromore-headquartered Euro Auctions, which acts as an auction service provider for industrial, construction and agricultural equipment, operates in the US under the Yoder & Frey brand. Founded in 1998, it has more than 200 employees in 14 countries. The addition of the Michener Allen Auctioneering brand will give it a foothold in the Canadian market.
[ Tyrone’s Euro Auctions targets growth after €950m sale foundersOpens in new window ]
The Canadian industrial equipment and automotive auction company, which has three sites in Alberta and Manitoba, employs 50 people. The family-owned business was founded in 1971.
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“We don’t see this as an acquisition more of a coming together of two strong family businesses, sharing the same core principle of delivering unrivalled customer service by treating both buyers and sellers equally,” said Derek Keys, Euro Auctions founder. “We have always kept a keen eye on the Canadian market with the ambition one day of entering it, so we are delighted with this opportunity.”
As part of the deal, Euro Auctions will retain the Michener Allen brand, and current leadership Ian and Wade Michener will continue to oversee operations.
“The Euro Auctions Group will further strengthen our focus on industrial and agricultural equipment markets in Canada and we look forward to benefiting from the truly global customer base of the Euro Auctions Group,” said Ian Michener. “This is just the start of the next chapter of the 52-year history of our company, and we look forward to working with the Euro Auctions team. Importantly, Euro Auctions will be retaining the Michener Allen employees and brand, and this will really give our brand global exposure.”
The deal comes after a planned acquisition of Euro Auctions for $1 billion (€950 million) fell through last year after authorities in the UK raised competition concerns, and potential buyer Ritchie Bros judged it was unlikely to be approved.
