Euro Auctions: Tyrone firm buys Canadian industrial equipment company
- Published
Euro Auctions has been one of Northern Ireland's most profitable businesses in recent years
A County Tyrone-based industrial machinery firm has bought a Canadian business in a deal aimed at expanding its north American operations.
Euro Auctions buys and sells industrial plant, construction equipment and agricultural machinery all over the world.
It has bought Canadian industrial equipment and automotive auction company Michener Allen Auctioneering.
The financial terms of the transaction have not been disclosed.
Euro Auctions founder Derek Keys said he "always kept a keen eye" on the Canadian market with the ambition of one day entering it.
Michener Allen has around 50 employees operating from three permanent auction sites in Edmonton, Calgary and Winnipeg.
Last year a deal which would have seen Euro Auctions sold for £775m was called off after the UK competition watchdog raised concerns.
The Competition and Markets Authority (CMA) said the proposed purchase by another Canadian firm, Ritchie Bros, would have created a business with a very high market share in the supply of auction services for heavy construction machinery in the UK.
The two companies were unable to reshape the deal in a way which would have allayed the CMA's concerns so it was called off.
Euro Auctions has been one of Northern Ireland's most profitable businesses in recent years.
Recently filed accounts for 2022 show the group holding company, Gardrum Holdings, delivered a pre-tax profit of £33m on turnover of £152m.
The accounts also suggest £1m was spent on advisory fees for the aborted deal with Ritchie Bros.