Ritchie Bros. Auctioneers (TSX:RBA) has acquired Kramer Auctions to strengthen its presence in the Prairies and grow the scale of its Canadian agricultural business.
Kramer Auctions, headquartered in North Battleford, Sask., operates approximately 75 on-the-farm auctions, four on site auctions and eight livestock auctions each year in Alberta and Saskatchewan.
The family owned and operated company sold more than $60 million of agricultural equipment, real estate and other assets in the last year.
READ MORE: Ritchie Bros. auction in Edmonton attracts record number of American bidders
Ritchie Bros., which sells used equipment for the construction, transportation, agriculture, energy, mining, forestry and other industries, said it intends to retain the Kramer brand for the immediate future.
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“For more than six decades Kramer Auctions has developed strong, trusted farming relationships and deep community roots across the Canadian prairies, which has positioned the business as a leading agricultural auctioneer in Western Canada,” Ravi Saligram, the CEO of Ritchie Bros., said in a statement.
“We are truly excited about the value we can create by combining our expertise and global reach for customers in farming communities across Canada.”
READ MORE: Ritchie Bros. to set record with Saskatoon auction
The four key leaders of Kramer Auctions have joined Ritchie Bros. and will continue to oversee auctions under the Kramer Auctions brand name.
“(I) believe we can offer our customers even greater value by blending our expertise of seamless farm auctions, with Ritchie Bros.’ leading technology and reach of international bidders,” Neil Kramer, president of Kramer Auctions, said in a statement.
“I look forward to continuing our work, on behalf of all our valued customers, across Canadian farming communities.”
Kramer Trailer Sales was not acquired by Ritchie Bros. and remains owned by the Kramer family.
No other terms of the deal were disclosed.
With files from Global News
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