Ritchie Bros. acquires Mascus
By Andrew Macklin
February 19, 2016 – Ritchie Bros. Auctioneers Inc. announced that it has acquired Mascus International Holding BV (Mascus), a leading global online equipment listing service.
The acquisition expands the breadth of equipment disposition and management solutions Ritchie Bros. can offer its customers. Mascus operates a vibrant online equipment listing service, with over 360,000 items for sale and 3.2 million monthly website visits across 58 countries and in 42 languages. The business also provides equipment sellers with a turnkey suite of business tools and software solutions.
Mascus is a leading online equipment listing service for used heavy machinery and trucks with the largest online market presence in Europe for heavy machinery and trucks. Mascus 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.
Founded in 2001 in Scandinavia, Mascus has grown rapidly over the past 15 years and now includes operations across Europe, Asia, Africa and North America, catering to the construction, transport, agriculture, material handling, forestry, and grounds-care industries.
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.
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.