Ritchie Bros. Auctioneers Incorporated announced an agreement to acquire the auction business and certain assets of Martella Auction Company, Inc., which is based in Tipton, Calif., and an auctioneer of agricultural and industrial equipment. Ritchie Bros. also intends to enter into an agreement to lease the 65 acre Martella auction site. Jeremy Martella, principal owner and operator, will join the Ritchie Bros. team as the Area Manager of this new auction site effective upon closing.
The first auction under the Ritchie Bros. banner at the new location in Tipton, Calif., is planned for Feb. 12, 2010, and will coincide with the World Ag Expo in Tulare, Calif. This auction will mark the 25th anniversary of Martella Auction Company conducting auctions following the World Ag Expo.
Terms of the transaction will not be disclosed because its size will not be considered material relative to the Company's consolidated operations. The acquisition is expected to close on or about Dec. 21, 2009.
For More: Richie Bros. Auctioneers Inc.