Ritchie Bros. Auctioneers Inc. (RBA,RBA.TO) said it signed agreement to acquire the auction business and certain assets of Martella Auction Co., Inc. The acquisition is expected to close on or about December 21, 2009.
Terms of the transaction will not disclosed because its size is not be considered material relative to the company's consolidated operations.
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 California. Jeremy Martella, principal owner and operator, will join the Ritchie Bros. team as the area manager of this new auction site effective upon closing.
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