Ritchie Bros. Acquires Petrowsky Auctioneers
Industrial auctioneer Ritchie Bros. announced that it has acquired Petrowsky Auctioneers for $7 million to enhance its market presence in New England.
The Petrowsky brand will be maintained as an extension within the Ritchie Bros. family of brands, according to the company. Sammy Piotrkowski, the founder of the company, will continue to lead this business for Ritchie Bros.
Based in North Franklin, Connecticut, Petrowsky Auctioneers caters largely to equipment sellers in the construction and transportation industries and sold nearly $50 million worth of equipment and other assets at auctions in 2015, mostly in New England, Ritchie Bros. said.
“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,” Ritchie Bros. CEO Ravi Saligram said in a statement. “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.”
Petrowsky 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, Ritchie Bros. said. All Petrowksy auctions are also simulcast live online, allowing online bidders to participate.
Additional consideration may be provided as part of the transaction, contingent upon certain operating performance targets being achieved over the next three years, the company said.
Richie Bros., with world headquarters in Vancouver, has its U.S. head office in Lincoln, Nebraska.
