Canadian auction house Ritchie Bros is set to acquire Co Tyrone-based Euro Auctions for £775m (€916m). Founded in 1998, Euro Auctions was set up by Derek Keys and his brothers. With over 200 employees in 14 countries, Euro Auctions is known for its unreserved heavy equipment auctions.

In 2020, the company conducted 60 auctions, selling close to 90,000 items for over £484m (€521m) across its nine locations in Northern Ireland, United Kingdom, Germany, Spain, the United Arab Emirates, Australia, and the United States.

Inspiration

Euro Auctions founder and director Derek Keys said: “Dave Ritchie and his brothers were a big inspiration for my brothers and I in the creation of Euro Auctions. We modelled much of what we do off Dave’s customer-centric philosophy, which still runs through Ritchie Bros today.”

It is understood Derek Keys will continue to be involved in the business for a minimum of three years post-closing. Jonnie Keys will take on a senior leadership position while Lynden and Trevor Keys will be retained as sourcing leads.