IronPlanet drills into O&G marketplace with Kruse buy
Online equipment auctioneer IronPlanet has purchased Kruse Energy and Equipment Auctioneers, well known for its sales of used oilfield equipment.
The acquisition will give IronPlanet greater presence in the oil and gas used equipment business. The Texas-based Kruse has been responsible for conducting more than 90% of the energy auctions in the US over the past 25 years.
The sale price was 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.
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.”
Kruse Co-Founders, David Long and Jim Richie, will continue to operate and manage the business, which will operate as a wholly-owned subsidiary of IronPlanet, maintaining its brand and employees.
“We are proud to have provided the energy industry with the highest quality service possible and we look forward to continuing that tradition,” said Long. “IronPlanet gives us a great platform for growth as well as leading-edge technology that will help take our business to the next level.”