Berkshire Hathaway unit, The Richline Group has bought Rio Grande, including its Neutec branded equipment, from The Bell Group, Inc., effective January 1.
"Rio Grande is another important and strategic addition to our brands,” said Richline Group Chief Executive Officer Dennis Ulrich.
“The firm’s unique and successful business model is a tribute to the leadership of the Bell family. Rio Grande has a great product line, talented people, and long-term relationships with its clients,” he added.
Alan and Molly Bell will continue to run the company as president and executive vice president, respectively. Meanwhile, Eddie Bell will keep on overseeing the Santa Fe Symposium and Neutec.
“The values of Warren Buffett and Berkshire Hathaway are very much in line with those on which Rio Grande is founded, and we couldn’t be more enthusiastic and optimistic about the future as a member of the Richline Group,” says Alan Bell in a statement.