Machine auctioneer GoIndustry has reversed into AIM shell Grasshopper Investments in an all-share deal valuing the group at £30 million.

GoIndustry, founded in 1999, organises live and online auctions of used machines and industrial equipment, arranging more than 600 such sales in 2004, which produced revenues of around £25 million. The company’s main clients are insolvency practitioners and major multinationals.

During the current year equipment from GoIndustry has been sold into 75 countries. The group has a presence itself in 15 countries around the globe after making several acquisitions. The company claims to be the market leader auctioneer in Europe and Asia. Chief executive John Allbrook joined from global giant GE last December.

He says the business has thrived in recent years from ‘companies relocating their factories to lower cost countries and mergers and acquisitions activity creating a demand for our valuation and auction services.’ He hopes the AIM admission will accelerate the company’s growth.

Cenkos acts as broker to GoIndustry and Grant Thornton is nominated adviser.

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