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Ritchie Bros. To Acquire Martella Auction Company

Ritchie Bros. Auctioneers Incorporated (NYSE and TSX: RBA) has announced an agreement to acquire the auction business and certain assets of Martella Auction Company, Inc., a Tipton, California-based auctioneer of agricultural and industrial equipment. 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, and establishes an additional auction site in a proven auction market. 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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