<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>110 - Disclosure - Acquisition and Expansion of Heritage Global Partners, Inc.</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode /><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol /><contextRef><ContextID>cx_01_January_2013_TO_30_June_2013</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000849145</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2013-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2013-06-30T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS /><CurrencyCode /><OriginalCurrencyCode /></MCU><CurrencySymbol /><Labels><Label Key="CalendarSupplement" Id="0" Label="6 Months Ended" /><Label Key="Calendar" Id="1" Label="Jun. 30, 2013" /></Labels></Column></Columns><Rows><Row FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>us-gaap_MergersAcquisitionsAndDispositionsDisclosuresTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="cx_01_January_2013_TO_30_June_2013" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"&gt;
      &lt;b&gt;Note 3 &amp;#8211; Acquisition of Heritage Global Partners, Inc.&lt;/b&gt;
    &lt;/p&gt;
    &lt;p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"&gt;
      &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;On February 29, 2012 the Company expanded its asset liquidation operations by acquiring
      100% of the issued and outstanding capital stock in Heritage Global Partners, a full-service, global auction and asset advisory firm. In connection with the acquisition, CRBCI entered into employment agreements with the previous owners and employees of Heritage Global Partners. In the third quarter of 2012, the Company finalized the valuation of all assets acquired and liabilities assumed. The following table summarizes the consideration paid for Heritage Global Partners and the amounts of the assets acquired and liabilities assumed, which were recognized at the acquisition date:
    &lt;/p&gt;
        &lt;div align="center"&gt;
                  &lt;table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="80%"&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left"&gt;
                  &lt;b&gt;At February 29, 2012&lt;/b&gt;
                &lt;/td&gt;
                &lt;td align="left" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="center" width="12%"&gt;$&lt;/td&gt;
                &lt;td align="left" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="left" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="left" valign="bottom" width="12%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="left" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left"&gt;
                  &lt;b&gt;Consideration paid&lt;/b&gt;
                &lt;/td&gt;
                &lt;td align="left" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="left" valign="bottom" width="12%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="left" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left" bgcolor="#e6efff"&gt;
                  Cash
                  &lt;sup&gt;1&lt;/sup&gt;
                &lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" bgcolor="#e6efff" valign="bottom" width="12%"&gt;
                  3,000
                &lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left"&gt;
                  Promissory notes, net of receivable from owners
                  &lt;sup&gt;2&lt;/sup&gt;
                &lt;/td&gt;
                &lt;td align="left" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" valign="bottom" width="12%"&gt;
                  849
                &lt;/td&gt;
                &lt;td align="left" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left" bgcolor="#e6efff"&gt;Equity instruments:&lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="12%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left"&gt;
                  1,000,000
                  CRBCI common shares
                  &lt;sup&gt;3&lt;/sup&gt;
                &lt;/td&gt;
                &lt;td align="left" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" valign="bottom" width="12%"&gt;
                  2,100
                &lt;/td&gt;
                &lt;td align="left" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left" bgcolor="#e6efff"&gt;
                  625,000
                  options to purchase CRBCI common shares at $2.00
                  per share
                  &lt;sup&gt;4&lt;/sup&gt;
                &lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"&gt;
                  1,131
                &lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left"&gt;Fair value of total consideration&lt;/td&gt;
                &lt;td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"&gt;
                  7,080
                &lt;/td&gt;
                &lt;td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr&gt;
                &lt;td bgcolor="#e6efff"&gt;&amp;#160;&lt;/td&gt;
                &lt;td bgcolor="#e6efff" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td bgcolor="#e6efff" valign="bottom" width="12%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td bgcolor="#e6efff" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left"&gt;
                  &lt;b&gt;Acquisition related costs&lt;/b&gt;
                  (included in selling, general, and administrative expenses in CRBCI&amp;#8217;s consolidated statement of operations for the year ended December 31, 2012)
                &lt;/td&gt;
                &lt;td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"&gt;
                  78
                &lt;/td&gt;
                &lt;td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr&gt;
                &lt;td bgcolor="#e6efff"&gt;&amp;#160;&lt;/td&gt;
                &lt;td bgcolor="#e6efff" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td bgcolor="#e6efff" valign="bottom" width="12%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td bgcolor="#e6efff" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left"&gt;
                  &lt;b&gt;Recognized amounts of identifiable assets acquired and liabilities assumed&lt;/b&gt;
                &lt;/td&gt;
                &lt;td align="left" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="left" valign="bottom" width="12%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="left" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left" bgcolor="#e6efff"&gt;
                  Cash
                  &lt;sup&gt;1&lt;/sup&gt;
                &lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" bgcolor="#e6efff" valign="bottom" width="12%"&gt;
                  656
                &lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left"&gt;
                  Accounts receivable (net of $0
                  allowance for doubtful accounts)
                &lt;/td&gt;
                &lt;td align="left" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" valign="bottom" width="12%"&gt;
                  870
                &lt;/td&gt;
                &lt;td align="left" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left" bgcolor="#e6efff"&gt;Deposits&lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" bgcolor="#e6efff" valign="bottom" width="12%"&gt;
                  20
                &lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left"&gt;Prepaid expenses&lt;/td&gt;
                &lt;td align="left" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" valign="bottom" width="12%"&gt;
                  43
                &lt;/td&gt;
                &lt;td align="left" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left" bgcolor="#e6efff"&gt;Property, plant and equipment&lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" bgcolor="#e6efff" valign="bottom" width="12%"&gt;
                  37
                &lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left"&gt;Identifiable intangible assets&lt;/td&gt;
                &lt;td align="left" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" valign="bottom" width="12%"&gt;
                  5,640
                &lt;/td&gt;
                &lt;td align="left" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left" bgcolor="#e6efff"&gt;Accounts payable and accrued liabilities&lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" bgcolor="#e6efff" valign="bottom" width="12%"&gt;
                  (1,212
                &lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="2%"&gt;)&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left"&gt;Client liability account&lt;/td&gt;
                &lt;td align="left" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" valign="bottom" width="12%"&gt;
                  (1,424
                &lt;/td&gt;
                &lt;td align="left" valign="bottom" width="2%"&gt;)&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left" bgcolor="#e6efff"&gt;Short-term note payable&lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" bgcolor="#e6efff" valign="bottom" width="12%"&gt;
                  (100
                &lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="2%"&gt;)&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left"&gt;Future income taxes payable&lt;/td&gt;
                &lt;td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"&gt;
                  (2,178
                &lt;/td&gt;
                &lt;td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="2%"&gt;)&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left" bgcolor="#e6efff"&gt;Total identifiable net assets assumed&lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" bgcolor="#e6efff" valign="bottom" width="12%"&gt;
                  2,352
                &lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left"&gt;Goodwill&lt;/td&gt;
                &lt;td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"&gt;
                  4,728
                &lt;/td&gt;
                &lt;td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr valign="top"&gt;
                &lt;td align="left" bgcolor="#e6efff"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%"&gt;&amp;#160;&lt;/td&gt;
                &lt;td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"&gt;
                  7,080
                &lt;/td&gt;
                &lt;td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="2%"&gt;&amp;#160;&lt;/td&gt;
              &lt;/tr&gt;
          &lt;/table&gt;
    &lt;/div&gt;
    &lt;p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"&gt;
      &lt;sup&gt;1&lt;/sup&gt;
      Net cash used for the acquisition was $2,344.
    &lt;/p&gt;
    &lt;p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"&gt;
      &lt;sup&gt;2&lt;/sup&gt;
      The notes (the &amp;#8220;Promissory Notes&amp;#8221;) were paid in full on their August 31, 2012 maturity date.
    &lt;/p&gt;
    &lt;p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"&gt;
      &lt;sup&gt;3&lt;/sup&gt;
      Value determined using the closing price of the Company&amp;#8217;s common shares on February 29, 2012.
    &lt;/p&gt;
    &lt;p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"&gt;
      &lt;sup&gt;4&lt;/sup&gt;
      Value determined using the Black-Scholes Option Pricing Model. Inputs to the model included an expected volatility rate of
      133%, a risk-free interest rate of
      1.25%, an expected life of
      4.75
      years, and an expected dividend yield of $nil.
    &lt;/p&gt;
    &lt;p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The fair value of the accounts receivable is the value as reported in the above table.&lt;/p&gt;
    &lt;p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The goodwill and identifiable intangible assets are discussed in Note 6.&lt;/p&gt;
    &lt;p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The only transactions recognized separately from the acquisition were the acquisition costs noted in the above table.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures.  This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Acquisition and Expansion of Heritage Global Partners, Inc. [Text Block]</Label></Row></Rows><Footnotes /><IsEquityReport>false</IsEquityReport><ReportName>Acquisition and Expansion of Heritage Global Partners, Inc.</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>true</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI>http://www.counselrb.com/taxonomy/role/NotesToFinancialStatementsMergersAcquisitionsAndDispositionsDisclosuresTextBlock</RoleURI><NumberOfCols>1</NumberOfCols><NumberOfRows>1</NumberOfRows></InstanceReport>
