November 15, 2016 - 2:16 PM
VANCOUVER - 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.
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.
Kramer Trailer Sales was not acquired by Ritchie Bros. and remains owned by the Kramer family.
No other terms of the deal were disclosed.
News from © The Canadian Press, 2016