Ritchie Bros. buys Petrowsky Auctioneers, expands in New EnglandStaff Writer | August 3, 2016
Ritchie Bros. acquired the business of Petrowsky Auctioneers, significantly enhancing its market presence in the New England region.
Acquisition $7 million for Petrowsky
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 for cash consideration of $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. ■