The Canadian operators of the world’s biggest equipment auctioneer have bought worldwide online equipment listing service Mascus.
Burnaby, B.C.-based Ritchie Bros. announced Friday it has bought 100 per cent of the equity in Amsterdam-based Mascus for 24 million euros (C$36.8 million), plus up to 3.4 million euros (C$5.2 million) more, pending certain performance targets being met over the next three years.
Mascus, whose Canadian operations are based in Toronto, today offers over 360,000 pieces of used heavy machinery and trucks for sale and logs about 3.2 million monthly website visits across 58 countries, the two companies said in a release.
The online service, which launched in 2001 and now operates through 36 offices on five continents in 42 different languages, offers subscriptions to equipment dealers, brokers, exporters and equipment manufacturers to list equipment for sale.
It also offers online advertising and other services to equipment dealerships and manufacturers across the farm, construction, transport, handling, forestry and grounds-care sectors.
Ritchie CEO Ravi Saligram described the deal as “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.”
Bringing Mascus under the Ritchie umbrella “will enhance the end-to-end services that we can provide to OEMs, dealers and private equipment sellers,” he said, and provide Ritchie with another “customer touchpoint.”
Mascus will keep its current branding and management, but the company’s CEO, Tim Scholte, said the deal will allow it to use Ritchie’s used equipment sales expertise “to further build our customer relationships and platform.”
Ritchie, which started life as a family-run auction service in Kelowna in 1958, and set up its first permanent auction site in Edmonton in 1976, now runs 44 auction sites in 19 countries, hosting live unreserved public auctions with both on-site and online bidding.
Ritchie today also operates a corporate asset management program and offers services including the EquipmentOne online marketplace, which it launched in 2014, and equipment financing for customers through its Ritchie Bros. Financial Services arm. — AGCanada.com Network