Business asset auctioneer Sweeney Kincaid has been acquired by producer-owned farming, food and finance co-operative ANM Group.
Sweeney Kincaid, established in 1991 and located in Hillington Business Park near Glasgow, is described by Aberdeenshire-based ANM Group as “a leading provider of auction and valuation services [for] industrial, commercial, and business assets, vehicles and equipment”.
All of Sweeney Kincaid’s employees will be retained following the acquisition, ANM Group noted.
The deal includes a six-acre, purpose-built auction centre at Hillington, with 6,000 sq ft of buildings and office space.
ANM Group, established in 1872, said the acquisition was a “key opportunity…to open more diverse routes to market in, and from, the central belt, across the south of Scotland and the north of England”.
Sweeney Kincaid auctions assets including heavy machinery and trade stocks.
ANM Group chief executive Grant Rogerson said: “I am thrilled with this exciting acquisition for ANM Group. Sweeney Kincaid brings a wealth of experience and trading knowledge within the industrial asset sector across the UK. This along with their industry-leading technology will be beneficial to the group and bring a range of exciting opportunities for our business, and in turn will benefit our members and customers.
“Opening up new markets, new technologies and innovating to improve the customer experience are long term projects for the group alongside cementing our...position in the north-east.”
He highlighted ANM Group's prominence as a livestock and commercial auctioneer for more than 150 years.
Mr Rogerson declared: "The purchase demonstrates the strength of ANM, and builds on the stability of the group, further securing our long-term ambitions.”
Russell Kincaid, managing director of Sweeney Kincaid, said: “We’re excited to be joining the ANM Group. The union of Sweeney Kincaid and ANM brings together two industry leaders, combining their strengths and resources to create a powerhouse in the industrial auction and business asset valuation sector, now the largest in Scotland.
“This strategic move not only strengthens our market position but also enhances our ability to take on the largest assignments, showcasing our commitment to delivering exceptional results to clients both current and new, and we look forward to growing our business as part of the ANM Group.”
ANM Group noted it ranked among the UK's top 25 co-operatives.
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