McElroy Joins Eaton

At 41, Ben McElroy has already purchased a bevy of top-class runners. The Irish champion Pathfork (Distorted Humor), Kentucky Derby runner-up Firing Line (Line of David), and Breeders' Cup winner Hootenanny (Quality Road) are good examples. Now, McElroy is joining forces with an organization that has sold a bevy of them–Reiley McDonald's Eaton Sales-with an aim at building a bloodstock and consulting division at Eaton. McElroy, it was announced this week, has purchased a minority interest in Eaton Sales. The Lexington-based Irishman will not be active in the day-to-day running of Eaton or in managing the sales division. Instead, he'll concentrate on cultivating private and public sales and consulting Eaton's current clients in these areas.

“We already do some of that with our auction clients, but we really want to build up the bloodstock business, because the bloodstock and auction businesses feed so much off each other,” said McDonald. “The thought is that they'll help each other grow.”

McElroy will retain his existing client base.

Both Eaton and McElroy are coming off big years. Eaton could boast of a pair of Eclipse champion graduates–Unique Bella (Tapit) and Caledonia Road (Quality Road)–while McElroy was integral in the purchase the Coolmore partners' dual Grade I-winning juvenile filly Moonshine Memories (Malibu Moon). He also helped purchase the GII Best Pal S. winner Run Away (Run Away and Hide). McDonald said McElroy's acumen selecting racing stock will be a huge benefit to Eaton's clients.

“Ben has, on relatively limited budgets, nearly every year bought a Grade or Group 1 winner, it seems,” he said. “Horses like Fashion Plate, Game Face, Sunset Glow and Swagger Jack. He's got an incredible eye, and he brings that extra bit of horsemanship to us.”

McElroy jumps right into his new duties this weekend in Florida in advance of Wednesday's Fasig-Tipton Gulfstream Sale.

“That's something I had not been able to do, because I didn't have the time or expertise to do 2-year-old sales properly,” said McDonald. “We have clients that want to buy horses, and Ben's the perfect guy to be working the 2-year-old sales and mining the racetracks for made resources.”

McElroy buys not only for clients, but has for years run a successful weanling-to-yearling pinhooking operation. The BC Juvenile Turf winner Hootenanny, also a stakes winner at Royal Ascot, was one such pinhook.

In addition to being a top judge of horseflesh, McDonald said McElroy's business smarts and international experience were big draws.

“Ben will really improve on the information that flows through this company and make us that much effective in our bloodstock and consulting business,” said McDonald. “We have quite a few international clients on the auction side of things, both sellers and buyers, but Ben brings another level of expertise to that. He does quite a bit of advisory work in Ireland, England and France. He's got a hell of a mind, and it's one on the reasons I wanted him to take an interest in the company. Between that and his horsemanship, I think it's a win-win for both of us.”

Q&A With Ben McElroy

TDN: What was behind your decision to join with Eaton?

BM: Basically we started to discuss the prospect of doing more business together during the January Sale, as I had some client horses–Banree (Macho Uno) and Sister Nation (Into Mischief)–selling with Eaton. Reiley and I really thought both our businesses could really complement each other well, as I could use Eaton for selling my clients' horses, and Reiley could utilize me at the sales for purchasing horses or finding horses on the private market. Reiley has built Eaton into a great brand over the years that has sold so many champions, Unique Bella and Caledonia Road the most recent examples. Its going to be a privilege to have my agency associated with Eaton.

TDN: You'll be representing some Eaton clients at the upcoming juvenile sales, including next week at Gulfstream. Talk a little about the idea of growing this aspect of Eaton.

BM: I will be mainly shopping for existing clients; quiet a few of these clients have horses with Simon Callaghan, and we've done really well together over the last few years with purchases such as Firing Line, Fashion Plate, Run Away, etc. Reiley has clients that are looking for fillies with residual value, so I will be keeping an eye out for those types. We may also do some racing partnerships on some top colts or fillies.

TDN: What's your view of the domestic private market for horses in training? How do you see Eaton fitting into this part of the market with you on board?

BM: Personally, I think the private market is very tough, as most people that own horses that break their maiden impressively, or run a big race, don't need to sell. So if they do sell, it can be for an exorbitant amount of money based on high expectations. I much prefer going to the public market and backing myself that I can buy a horse, or horses, that can lead to a good long-term good investment for my clients. I think over the years I have proven that. I will help Eaton's clients in either the public or private market when the opportunity presents itself.

TDN: With the addition of a bloodstock division, Eaton becomes much more of a one-stop shop for a client's needs. Does it give clients confidence to deal with one group of people for most or all of their interests?

BM: I think there is a real strong incentive, once you've cultivated the client, to make sure the process works as well from purchase date to sales date as possible. Otherwise, you're going to have an unhappy customer. Reiley and I will be able to take care of the client the whole way through the process with our experience, and I think that's what will make Eaton unique.