The facility will be known as the Goulburn Valley Livestock Exchange, reflecting its role as a regional facility, business manager Ty Stanton said.
RLX has been awarded a 10-year lease, with a further four, five-year options.
In the short term, RLX will be sprucing up the facility and ensuring safety standards are implemented.
“There is still some work to get things up to where we want to be,” Mr Stanton said.
Mr Stanton, who is from the Rutherglen district and runs his own Charolais stud, said signage would soon be going up around the site, including a large new sign at the northern end on New Dookie Rd.
There are no plans to change the sale days, with most of the processes that buyers and vendors are accustomed to remaining the same — cattle on Tuesdays, sheep and lambs on Friday.
The business employs three full-time people, with more on sale days, and a sub-contracted droving team can boost the numbers to 10 or 12 on a big day.
Mr Stanton said the business intended to reach into the community and sponsor community activities, as the company does in other areas.
He also has an interest in education and hopes that students studying agriculture can visit the site to learn another aspect of livestock management.
RLX has a network of livestock selling facilities, handling about one million cattle and three million sheep annually.
RLX is owned by Palisade Investment Partners, a global infrastructure and asset manager headquartered in New York.
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