Burnaby-headquartered Ritchie Bros. Auctioneers Inc. (TSX, NYSE:RBA) has closed the acquisition of Tipton, California-based Martella Auction Company Inc., which auctions agricultural and industrial equipment.
Financial details of the deal were not disclosed.
The acquisition adds a third auction site for the company in California. Ritchie Bros. has conducted up to five public auctions a year at its permanent sites in Sacramento and Los Angeles.
Under the acquisition agreement, Ritchie Bros. will lease Martella's 65-acre auction site to conduct its unreserved public auctions.
Former Martella principal, Jeremy Martella, will become Ritchie Bros. area manager for the Tipton site.
Ritchie Bros.' share price range during the past week: between $23.90 and $24.67; 52-week high: $31; 52-week low: $18.05.