December 23, 2009 (FinancialWire) — Ritchie Bros. Auctioneers Inc. (NYSE: RBA) has closed its acquisition of the auction business and certain assets of Martella Auction Co., Inc., an agricultural and industrial equipment auctioneer based in Tipton, California.

As part of the agreement, Ritchie will lease Martella’s 65-acre auction site to conduct unreserved public auctions. Jeremy Martella, former principal of Martella Auction, has been named as Ritchie Bros.’ Area Manager for its Tipton site.

Vancouver-based Ritchie Bros. Auctioneers is an industrial auctioneer with more than 110 locations in more than 25 countries, including 39 auction sites worldwide.

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