Kruse acquisition sees IronPlanet expand further
IronPlanet makes inroads into the oil and gas equipment market with acquisition of Kruse Energy and Equipment Auctioneers
Iron planet has continued its expansion with the acquisition of Kruse Energy and Equipment Auctioneers.
The move forms part of the online auctioneer’s strategy to increase its presence in the oil and gas equipment sector.
The Kruse acquisition is the latest in a string of expansion initiatives from IronPlanet, a company that has established strategic alliances with Mascus, GraysOnline, and ClearAsset during the course of the past two years.
“IronPlanet and Kruse, together, will give our oil and gas customers an integrated marketplace to manage their inventories more efficiently,” said Gregory J Owens, CEO and chairman of IronPlanet.
“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,” he added.
Kruse is a specialist auction outfit that has conducted more than 90% of the energy auctions in the US over the past 25 years. Co-founders David Long and Jim Richie are to join the IronPlanet executive committee, and will continue to operate and manage the business.
“We are proud to have provided the energy industry with the highest quality service possible, and we look forward to continuing that tradition,” commented 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.
Registered IronPlanet users – of which there are now upwards of one million – will be able to purchase equipment through Kruse whilst accessing additional services provided by its new owner.
“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,” explained Owens.
“This combination strongly positions IronPlanet for further growth in the oil and gas industry; an area where we see significant growth potential,” he said.
On the subject of further expansion, Owens concluded: “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.”