TBAuctions, known for the Dutch online auction houses Troostwijk Auctions (B2B) and BVA Auctions (B2C), will take another step in it’s growth ambitions in the online auction market in Europe. The acquisitions will accelerate the plan to build a Pan-European online auction platform for second hand and second chance goods.
The online auction platform Auksjonen and appraiser Bjarøy, together part of the Bjarøy Group from Norway, and the online auction platform PS Auction from Sweden intend to join the TBAuctions family soon. Simultaneously with these acquisitions, Europe’s largest impact fund, Summa Equity, is joining as a minority shareholder of TBAuctions. The signing was completed on 17 March, and the aim is to close the acquisitions by end of April, subject to the necessary approval.
Own brand and storefront
The growth ambition of TBAuctions, which will have a physical presence in ten European countries, is further strengthened with this acquisition. The brands Auksjonen and PS Auction will continue to operate with their own brand and online storefront. Headquartered in Tønsberg, Norway, Auksjonen is Norway’s largest online auction house for used vehicles, machinery, and equipment. On its website auksjonen.no, Auksjonen has more than 9 million visits per year and about 1,800 auctions online at any time, both for the business market and for private individuals. The Swedish platform PS Auction has a head office in Svenljunga. Most recently, the company acquired two Swedish auction houses: Slag1 and Units. PS Auction organizes more than 2,000 online auctions every week, in 16 product categories. It attracts buyers from over 80 countries, and its website, psauction.com, has more than 11 million visits per year.
Acquisitions lead by auction platform
In recent years, TBAuctions has made significant investments in the development of a state-of-the-art and scalable technology platform called ATLAS, which allows companies to scale and integrate seamlessly. This will also provide many synergy benefits and further stimulate the growth of the online auction market in Scandinavia. “We see that other auction houses can only continue to facilitate their growth by making huge investments in their technology,” Herberth Samsom, CEO of TBAuctions said.” The online auction market in Europe will show strong growth figures, and with our lead in technology we will play a prominent role in it. TBAuctions was recently acquired by funds managed by Castik Capital and is now further backed financially by Europe’s largest impact fund, Summa Equity, which uses the UN’s Sustainable Development Goals as a framework to invest to solve global challenges. “With these forces, we are accelerating our ambition to be one of the leading European online auction platforms,” Samson added.
Auksjonen and PS Auction will be incorporated into the IT backbone swiftly and efficiently, allowing them to benefit directly from the scale and efficiency, as well as the online marketing and back-office assistance.