Ritchie Bros. Auctioneers closes acquisition of Martella Auction Company in Californiaadmin
Ritchie Bros. Auctioneers Incorporated announced today the closing of the acquisition of the auction business and certain assets of Martella Auction Company, Inc., an agricultural and industrial equipment auctioneer based in Tipton, California.
As part of the agreement, Ritchie Bros. will lease Martella’s 65-acre auction site to conduct unreserved public auctions. Jeremy Martella, former principal of Martella Auction Company, has been named as Ritchie Bros.’ Area Manager for its Tipton site.
“We are very pleased to have closed the acquisition of Martella Auction Company and we welcome Jeremy Martella and his team to the Ritchie Bros. family,” said Peter Blake, Ritchie Bros. CEO. “As our new Area Manager for our Tipton auction site, Jeremy brings with him a wealth of expertise and experience in California’s auction business that will serve us well in strengthening our presence in both the industrial and agricultural equipment markets there.”
The addition of the Tipton site will mark the third auction site operated by Ritchie Bros. in the state of California. Ritchie Bros. conducts up to five unreserved public auctions annually at its permanent auction sites in Sacramento and Los Angeles.
The Company will conduct a Grand Opening unreserved public auction at its Tipton site located at 16140 Highway 99 in Tipton on Friday February 12, 2010 starting at 8:00 a.m. The auction will feature agricultural and industrial equipment and trucks. Each item will be sold to the highest bidder, with no minimum bids or reserve prices. The auction will coincide with the World Ag Expo being held 10 miles north of the Tipton auction site in Tulare, California.
Equipment consignments are being accepted for this sale; owners interested in selling their equipment in the February 12th auction can contact the Tipton auction site at +1.559.752.3343 to make arrangements.