IronPlanet, a US-based on online marketplace for buying and selling used heavy equipment, has acquired Kruse Energy and Equipment Auctioneers for an undisclosed sum.
Kruse is based in Odessa, Texas, and Oklahoma City and focuses on oilfield equipment. It conducts auctions in the United States and Canada. Kruse has conducted more than 90% of the energy auctions in the United States in the past 25 years.
Kruse will operate as a wholly-owned subsidiary of IronPlanet, maintaining its brand and employees. Co-
Kruse is based in Odessa, Texas, and Oklahoma City and focuses on oilfield equipment. It conducts auctions in the United States and Canada. Kruse has conducted more than 90% of the energy auctions in the United States in the past 25 years.
Kruse will operate as a wholly-owned subsidiary of IronPlanet, maintaining its brand and employees. Co-founders David Long and Jim Richie will continue to manage the business and both will join IronPlanet’s executive committee. IronPlanet is based in Pleasanton, California, and has sold nearly US$4 billion of used equipment online since 2000 when is started operations.
“IronPlanet and Kruse together will give our oil and gas customers an integrated marketplace to manage their inventories more efficiently,” said Gregory Owens, IronPlanet chairman and chief executive. “This combination strongly positions IronPlanet for further growth in the oil and gas industry, an area where we see significant growth potential.”
"We are proud to have provided the energy industry with the highest quality service possible and we look forward to continuing that tradition,” said David Long, co-founder of Kruse Energy.
IronPlanet’s first online auction in March 2000 had one seller, 32 bidders and 22 construction industry items up for grabs. Earlier this year, IronPlanet held a four-day online auction that featured more than 400 sellers, nearly 3,000 bidders from 78 countries and sold close to 1,800 items sold.
