Ritchie Bros. announced today they have acquired Mascus International Holding BV ("Mascus"), a leading online equipment listing service based in Amsterdam.
Ritchie Bros. paid cash consideration of $26.6 million for 100 percent 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 $3.8 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.
"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 was founded in 2001 and has grown to be the largest online heavy machinery and truck online market presence in Europe, generating 3.2 million monthly site visits. Mascus has operations in 58 countries.
Source: Ritchie Bros.