November 11 - IronPlanet, the online marketplace for buying and selling used heavy equipment, has acquired Kruse Energy and Equipment Auctioneers.
"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.
"IronPlanet will benefit from Kruse's expertise and leading position in the industry, and likewise, Kruse will broaden its reach by leveraging our online technology marketplace and global buyer base. This combination strongly positions IronPlanet for further growth in the oil and gas industry, an area where we see significant growth potential."
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 services they have come to expect from IronPlanet.
"We will continue to look for strategic growth opportunities, like Kruse, while also growing our business organically with new brands like TruckPlanet, allEquip, and our recently announced GovPlanet," said Owens.
David Long and Jim Richie, co-founders of Kruse, will continue to operate and manage the business, as well as joining 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.