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AEDNews - Construction Equipment Industry News Ritchie Bros. Auctioneers to Acquire California-based Martella Auction Company Ritchie Bros. Auctioneers Incorporated last week announced an agreement to acquire the auction business and certain assets of Martella Auction Company, Inc., a Tipton, Calif.-based auctioneer of agricultural and industrial equipment. Ritchie Bros. also intends to enter into an agreement to lease the roughly 65-acre Martella auction site. The acquisition is intended to expand and strengthen Ritchie Bros.' presence in the used agricultural and industrial equipment markets in Jeremy Martella, principal owner and operator, will join the Ritchie Bros. team as the area manager of this new auction site effective upon closing. "We are very excited to have Jeremy Martella and his staff join our team," said Peter Blake, Ritchie Bros. CEO. "Martella Auction Co. is a second generation company that has been in business for more than 35 years, with roots that date back four generations and over 80 years. They conduct their auctions in the same fair and transparent manner that we do. Their staff works hard, they treat their customers right and our two organizations are a good fit. We're looking forward to conducting auctions at this new location in The first auction under the Ritchie Bros. banner at the new location in About Ritchie Bros. Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is the world's largest industrial auctioneer, selling more equipment to on-site and online bidders than any other company in the world. The company has over 110 locations in more than 25 countries, including 39 auction sites worldwide. Ritchie Bros. sells, through unreserved public auctions, a broad range of used and unused industrial assets, including equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries. The company maintains a Web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com. Investors and potential investors should note that this information may not be indicative of the overall financial performance of the company for this or any period. Article Date: 11-23-2009 Source: Ritchie Bros. Auctioneers Copyright(C) 2009 Associated Equipment Distributors. All Rights Reserved. | ||||||
AEDNews is the weekly electronic newsletter published by Associated Equipment Distributors, providing the construction equipment distribution industry with timely news and information related to the equipment business.