IronPlanet, an online marketplace for buying and selling used heavy equipment, has acquired Kruse Energy and Equipment Auctioneers LLC. Terms were not disclosed.
“IronPlanet and Kruse together will give our oil and gas customers an integrated marketplace to manage their inventories more efficiently,” said Gregory J. Owens, IronPlanet Chairman and CEO. “We will be able to offer them the channels they need—either traditional auctions or online marketplaces—to achieve their time to market and pricing objectives.”
As the companies work together to build the Kruse marketplace, IronPlanet’s more than one million registered users will be able to buy through Kruse and also rely on the IronPlanet services.
Kruse is a full-service auction company that has conducted more than 90 percent of the energy auctions in the U.S. over the past 25 years. Co-Founders David Long and Jim Richie will continue to operate and manage the business, and both Long and Richie will join the IronPlanet executive committee. Kruse is based in Odessa, Texas, and Oklahoma City, and will operate as a wholly-owned subsidiary of IronPlanet, maintaining its brand and employees.