Liquidity Services said it has agreed to acquire TruckCenter.com, an online auction marketplace for fleet and transportation equipment.

Terms of the deal include an upfront payment of approximately $9 million in cash plus additional cash payments of up to $9 million based on TruckCenter.com’s future revenues and earnings before interest, taxes, depreciation and amortization (EBITDA) performance over a 24-month period after closing. The acquisition is expected to close in June 2011 and is subject to customary closing conditions and post-closing price adjustments related to working capital items.

TruckCenter.com currently serves a client base including GE Capital, Bank of America and Wal-Mart and will operate as part of Liquidity Services’ Commercial Asset Recovery Division.

The acquisition strengthens Liquidity Services’ overall business in the growing transportation industry vertical. LSI will add over 200 new commercial sellers of transportation assets, a critical mass of registered buyers of fleet, rolling stock and other transportation equipment, and five permanent facilities to support the national service required within this industry vertical. The storage facilities are located in the areas of Los Angeles, CA; Dallas/Fort Worth, TX; Atlanta, GA; Indianapolis, IN; and New Castle, DE.

“Transportation assets are an increasingly important category in our business with sales of approximately $100 million annually. With the addition of TruckCenter.com, we are excited to further expand this vertical and provide an enhanced solution for Liquidity Services’ and TruckCenter.com’s impressive base of clients and buyers,” said Bill Angrick, chairman and CEO of Liquidity Services.

“We are excited to join Liquidity Services and combine our industry-leading services to provide the most robust solution for the management and sale of surplus transportation assets,” said Jerry Connolly, CEO of TruckCenter.com. “Liquidity Services’ expansive base of 1.5 million registered buyers, technology expertise and value-added services will help increase recovery value and shorten the sales cycle for our selling clients while also providing easier access to a broader range of products for our buying customers.”

Liquidity Services expects the deal to add approximately $50 million of annual Gross Merchandise Volume (GMV) and, excluding one-time deal expenses, to be neutral to its fiscal year 2011 earnings results and two cents per diluted share accretive to its fiscal 2012 results.