IronPlanet, an online marketplace for buying and selling used heavy equipment and trucks, and Associated Auction Services LLC, an alliance of Caterpillar and several of its independent Cat dealers, that operates under the name of Cat Auction Services, have signed an agreement to merge the two companies.
“I am very excited about the combination of IronPlanet and Cat Auction Services, two trusted partners in helping buyers and sellers with their used heavy equipment acquisition and disposition needs,” said Gregory Owens, IronPlanet Chairman and CEO. “The power of IronPlanet’s technology, multiple marketplace formats and global buyer base coupled with Cat Auction Services’ live, onsite auction format and deep equipment expertise will provide the most powerful and complete suite of auction remarketing tools in the industry.”
“Cat Auction Services was started in 2008 to give Cat dealers another distribution channel for used equipment sales, as well as to keep our customers connected with the Caterpillar family of products and dealerships,” said William L. Hoeft, Chairman of Cat Auction Services. “We are pleased to have reached this agreement as the merger will capitalize on both companies’ strengths.”
Cat Auction Services’ office in Eagan, Minn. will remain open as the Midwest office for IronPlanet. The transaction is subject to regulatory approval and other standard closing conditions, and is anticipated to be completed during the first quarter of 2015.