Ritchie Bros. Auctioneers Incorporated acquired Kramer Auctions Ltd. and Kramer Auctions — Real Estate Division Inc. from Kramer family for CAD 17.8 million.
November 14, 2016
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Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) acquired Kramer Auctions Ltd. and Kramer Auctions — Real Estate Division Inc. from Kramer family for CAD 17.8 million on November 15, 2016. As part of the consideration, Ritchie Bros. purchased the assets of Kramer for cash consideration of CAD 15.3 million, comprised of CAD 15 million paid at acquisition date and CAD 0.3 million deferred payments over three years. In addition to cash consideration, consideration of up to CAD 2.5 million is contingent on Kramer if certain revenue growth targets are achieved. The contingent consideration is based on the cumulative revenue growth during a three-year period ending November 15, 2019. The acquisition of Kramer Auctions Ltd includes agricultural and real-estate auction service, however, Kramer Auctions' Trailer Sales has not been acquired by Ritchie Bros. and remains owned by the Kramer family. Ritchie Bros. intends to retain the Kramer brand for the immediate future. The four key leaders of Kramer Auctions, Neil Kramer, Monica Kramer, Kim Kramer, Brendan Kramer, Michael Higgs, along with the team of Kramer Auctions Ltd will join Ritchie Bros. The leaders will continue overseeing auctions in the Prairie provinces under the Kramer Auctions brand. As of September 30, 2016, Kramer Auctions Ltd reported net sales of CAD 60 million. Ritchie Bros. also intends to lease permanent auction site in North Battleford, Saskatchewan from the Kramer family for the foreseeable future.
Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) completed the acquisition of Kramer Auctions Ltd. and Kramer Auctions — Real Estate Division Inc. from Kramer family on November 15, 2016.
RB Global, Inc. is an omnichannel marketplace that provides value-added insights, services and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Through its omnichannel platform, the Company facilitates transactions for customers in primarily the automotive, construction, and commercial transportation sectors. It also serves customers in the agriculture, energy, and natural resources sectors, as well as government entities. Its customers primarily include automotive insurance companies, as well as end users, dealers, fleet owners, and original equipment manufacturers (OEMs) of commercial assets and vehicles. The Company also provides its customers value-added marketplace services, technology solutions for vehicle merchandising, platforms for lifecycle management of assets, and a market data intelligence platform to help customers make more informed business decisions. The Company operates in the United States, Canada and across Europe.
Ritchie Bros. Auctioneers Incorporated acquired Kramer Auctions Ltd. and Kramer Auctions — Real Estate Division Inc. from Kramer family for CAD 17.8 million.