Indianapolis-based Key Auctioneers has been acquired by Krueckeberg Auction and Realty, a 45-year-old auction house headquartered in the northeast Indiana city of Decatur, the companies announced Sunday.
Financial terms of the deal were not disclosed.
Krueckeberg said the acquisition expands its footprint in the Indianapolis market and increases its potential customer base by nearly 40,000 buyers.
Key Auctioneers, founded in 2005, provides a variety of real estate and business asset disposition services, including auctions, appraisals, asset recovery and storage, and liquidations.
Key Auctioneers has sold assets worth more than several million dollars annually, which gives it the potential to double Krueckeberg’s business, the company said.
A spokesperson for Kruekeberg told Inside INdiana Business that all Key Auctioneers employees found other jobs prior to the acquisition. The company plans to add employees as needed as it grows into the Indianapolis market.
Kruekeberg said Key’s clients include some of the largest banks in the Midwest, including Fifth Third, First Merchants, German American, Huntington, JP Morgan Chase, MainSource, BMO Harris, National Bank of Indianapolis, Old National and PNC.
Founded in 1977 by Kent Krueckeberg, Krueckeberg offers real estate and auction services in Indiana, Ohio, Kentucky and Michigan. The business is owned and operated by the founder’s son, Josh Krueckeberg.
Kruekeberg has grown through acquisitions over the past decade, acquiring Ideal Realtors of Decatur in 2012 and BKM Real Estate & Auction of Ossian in 2017.
“Krueckeberg Auction and Realty has experienced tremendous growth over the last 10 years,” Josh Krueckeberg said in written remarks. “Through the acquisition of Key Auctioneers, we are reaching our full potential, accessing a new market and expanding our services.”