After operating as a Saskatchewan-based family business for more than 65 years, Kramer Auctions has been acquired by Ritchie Bros., the world’s largest industrial auctioneer, for an undisclosed price.
Under the deal, which closed on Tuesday, Kramer’s four leaders — Neil Kramer, Kim Kramer, Brendan Kramer and Michael Higgs — will hold auctions under the Kramer brand “for the immediate future,” according to a news release.
“For more than six decades Kramer Auctions has developed strong, trusted farming relationships and deep community roots across the Canadian prairies,” Ritchie Bros. CEO Ravi Saligram said in a statement.
“Their family values, intense customer focus and innovative approach to delivering exceptional on-the-farm auctions are shared by the Ritchie Bros. team.”
Ritchie Bros. said in the news release that all full-time Kramer Auctions employees have been given the opportunity to retain their jobs at the company, through Ritchie Bros.
Founded in 1949 and headquartered in North Battleford, Kramer Auctions conducts about 100 sales each year, specializing in farm equipment, real estate, livestock and industrial equipment. It did about $60 million in sales last year.
Ritchie Bros., which was established in 1958, has operations in 19 countries and 44 auction sites worldwide. The publicly-traded company reported revenues of $515.9 million in fiscal 2015.
“Our decision to join Ritchie Bros. was not a decision we made lightly, but we firmly believe together we can serve customers better than ever,” Kramer Auctions president Neil Kramer said in a statement.
“My wife Monica and I, and our family will continue to be actively involved in Kramer Auctions — we aren’t going anywhere,” the statement said.
Ritchie Bros. said on Wednesday that both companies are gearing up for auctions this month, including Kramer’s season-opening bison auction.
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