Ritchie Bros. announces acquisition of Petrowsky AuctioneersWednesday, August 10, 2016
Ritchie Bros., the world's largest industrial auctioneer and a leading equipment distributor (NYSE & TSX: RBA, the "Company") is pleased to announce that it has acquired the business of Petrowsky Auctioneers, significantly enhancing its market presence in the New England region.
"Petrowsky's strong focus on customer relationships, trusted auction brand and well-established market presence in New England will strengthen Ritchie Bros. offering in this important region," said Ravi Saligram, CEO of Ritchie Bros. "Sammy Piotrkowski has built a tremendous auction platform over nearly 40 years by developing and maintaining a tremendous customer focus. Petrowsky Auctions is a highly complementary business that will broaden our base of equipment sellers. We look forward to welcoming the Petrowsky team to Ritchie Bros. and continuing their history of great customer service and seller solutions."
Petrowsky was founded nearly 40 years ago by Sammy Piotrkowski, a driving force behind the business' growth. Based in North Franklin, Connecticut, Petrowsky Auctioneers sold nearly US$50 million worth of equipment and other assets at auctions in 2015, mostly in the New England region. Catering largely to equipment sellers in the construction and transportation industries, Petrowsky's auction sales are well aligned with Ritchie Bros.' sector focus. In addition, Petrowsky also serves customers selling assets in the underground utility, waste recycling, marine, and commercial real estate industries. The business operates one permanent auction site, in North Franklin, which will continue to hold auctions, and also specializes in off-site auctions held on the land of the consignor. All Petrowksy auctions are also simulcast live online, allowing online bidders to participate.
The Petrowsky brand will be maintained as a brand extension within the Ritchie Bros. family of brands, given its strong and loyal customer base, and reputable brand within its established markets.
Ritchie Bros. has purchased the assets of Petrowsky Auctioneers Inc. for cash consideration of US$7 million, and has secured employment agreements with current Petrowsky employees. Additional consideration may be provided, contingent upon certain operating performance targets being achieved over the next three years. Sammy Piotrkowski, Founder of Petrowsky Auctioneers, will continue to lead this business for Ritchie Bros.View all Industry News