Surplex has been sold to TBAuctions, a portfolio company of Castik Capital

Surplex

Surplex is the vertical, leading online auction platform for used metal and woodworking machinery in Europe, executing more than 1,000 auctions per year. Its digital platform facilitates auctions for a variety of sellers, including corporations, machine traders, liquidators and buyers from over 140 countries worldwide. In addition to its online auction business for used industrial machinery, Surplex provides direct sales options as well as an extensive end-to-end service portfolio, comprising valuation, dismantling, transport and customs formalities. Surplex employs around 220 employees at office locations in 16 European countries, offering customer support in more than 20 languages.

The Deal

Lincoln International designed and ran a highly competitive process by approaching both financial and strategic potential buyers. TBAuctions, one of the largest online auctioneers for used industrial goods in Europe, ultimately emerged as the ideal partner for management to drive future growth. The transaction will strengthen TBAuctions’ market position in Germany as well as in the metal and wood machinery verticals, while accelerating its growth to build the leading pan-European auction house.

Our Perspective

Dr. Michael Drill, Lincoln International Managing Director who co-led the transaction, commented, “Lincoln International provided comprehensive support throughout the sell-side process, for example, by collaborating with Surplex in defining its strategic vision and identifying potential areas for future growth. Leveraging its expertise, Lincoln International effectively conveyed Surplex’s unique and unmatched market position and enthusiastic growth case in the European industrial online auction market to a diverse group of strategic and financial bidders.

“This project underscores Lincoln International’s expertise in navigating highly competitive transactions amidst various stakeholders, investors and advisors,” Richard Floto, Lincoln International Managing Director who co-led the transaction, added. “This transaction showcases our dedication to leading European Industrial-Tech companies.”

TB Auctions

TBAuctions, headquartered in Amsterdam, emerged from a merger of the two established auction houses Troostwijk Auctions and BVA Auctions in 2018 and is one of the largest online auctioneers for used industrial goods in Europe. With a workforce of more than 1,000 members across the Nordics, Benelux, the UK and continental Europe, TBAuctions has set out on its mission to be Europe’s leading online intelligent auction platform, comprising a broad portfolio of previously acquired auction brands across core verticals such as construction, transportation and logistics, agriculture and medical.

Castik Capital

Founded in 2014, Castik Capital is a European private equity firm based in Luxembourg. The firm focuses on identifying and developing investment opportunities across Europe with a focus on business and financial services, digital media, light manufacturing, specialty healthcare and technology. TBAuctions joined Castik Capital in January 2022 with the goal of further strengthening TBAuctions’ excellent market position within existing geographies and verticals, while accelerating organic growth and increasing the pace of add-on acquisitions.

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