A major business based in the Battlefords area has been sold.
Ritchie Bros. has announced it has acquired Kramer Auctions, an acquisition that, according to a news release, is expected to “significantly strengthen Ritchie Bros.' penetration of Canada's agricultural sector and add key talent to our Canadian ag sales and operations team.”
The deal closed Nov. 15, and includes the agricultural and real estate auction service. Kramer Trailer Sales was not part of the deal and the Kramer family retains ownership. Terms have not been disclosed.
Kramer Auctions has been operating since 1949 and built its reputation on its focus on the agricultural sector. According to the news release issued Tuesday, the family-owned business has conducted an estimated 100 auctions a year for farm equipment, real estate, livestock and industrial and commercial equipment.
Of those, around 75 on-the-farm auctions, four on-site auctions and eight livestock (bison) auctions are held each year. In the past year, more than CA$60 million of agricultural equipment, real estate and other assets were sold.
While the business is being sold to Ritchie Bros., the Kramer Auctions brand is not going away. Ritchie Bros. states they intend to retain it, at least for now. As well, Ritchie Bros. intends to lease Kramer’s permanent auction site in North Battleford from the Kramer family for the foreseeable future.
The leadership team at Kramer – Neil Kramer, Kim Kramer, Brendan Kramer and Michael Higgs — have agreed to join Ritchie Bros. and will continue overseeing auctions under the Kramer brand. All full-time employees of Kramer Auctions have been offered the opportunity to stay on as well.
"My wife Monica and I, our family, and the Somerville family are all very excited to be joining the Ritchie Bros. team," said Neil Kramer, president of Kramer Auctions.
"We've respected the growth and interest Ritchie Bros. has developed in the agricultural space over the last 15 years, and believe we can offer our customers even greater value by blending our expertise of seamless farm auctions, with Ritchie Bros.' leading technology and reach of international bidders. I look forward to continuing our work, on behalf of all our valued customers, across Canadian farming communities."
"We are delighted to welcome the Kramer team to the Ritchie Bros. family,” said Ravi Saligram, CEO of Ritchie Bros.
“For more than six decades Kramer Auctions has developed strong, trusted farming relationships and deep community roots across the Canadian prairies, which has positioned the business as a leading agricultural auctioneer in Western Canada. Their family values, intense customer focus and innovative approach to delivering exceptional on-the-farm auctions are shared by the Ritchie Bros. team."
