Ritchie Bros. Auctioneers Inc. has acquired Mascus International Holding BV, a global online equipment listing service. Ritchie Bros. has paid cash consideration of €24.0 million (US$26.6 million) for 100% of the equity in Mascus, subject to working capital adjustments under the terms of the share purchase agreement. Additional cash consideration, totaling no more than €3.4 million (US$3.8 million), may be paid contingent upon certain operating performance targets being achieved over the next three years. The transaction is expected to be marginally accretive to 2016 earnings.
Mascus has the largest online market presence in Europe for heavy machinery and trucks. The Mascus online equipment listing service has more than 360,000 items for sale and 3.2 million monthly website visits across 58 countries and in 42 languages. It offers subscriptions to equipment dealers, brokers, exporters and equipment manufacturers to list equipment available for sale. They provide online advertising services, business tools and solutions to many of the world's leading equipment dealerships and equipment manufacturers.
"This acquisition is another step in Ritchie Bros.' strategy as the world's leading multichannel equipment disposition and asset management company as it adds an important new channel," said Ravi Saligram, CEO, Ritchie Bros. "As one of the world's leading equipment listing services, Mascus has carved out a well-established and loyal customer base, and has developed strong business tools and solutions that many equipment dealers and brokers now rely on to manage and sell their assets. Combining Ritchie Bros.' current capabilities with Mascus' solutions will enhance the end-to-end services that we can provide to OEM's, dealers and private equipment sellers."
Mascus, based in Amsterdam, will continue to operate under its current branding and existing management team. The transaction is viewed as strategically important for Ritchie Bros., as it expands the channels offered and provides the company with another customer touchpoint.
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