The firm than majority owns Llyods Auctions, Joyce Corporation (ASX:JYC) have announced its auction houses are expanding into New South Wales, with the purchase of another auction house, taking its auction turnover to over $100 million.
Lloyds inked a deal to buy Macquarie Auction Group’s three Western NSW offices, which will bolster its national rollout.
As part of the purchase it will also buy Burns & Co Auctions and Burns Online, two other auction houses.
The deal is expected to be earnings accretive from the outset and will see Llyods now run a total of 11 auction houses across the country.
The purchase will be paid for in cash at a two times earnings basis, with the total payments being on a defered on a two year earn-out, subject to performance.
Shares in Joyce Corporation (ASX:JYC) closed 5.33 per cent higher yesterday at $1.58.