Titan Machinery Inc. (NASDAQ:TITN) announced today that it has entered into a definitive purchase agreement to acquire Schoffman's Inc., a fourth generation Case IH, agriculture dealership located in Redwood Falls, Minn. The acquisition is subject to customary conditions to closing and is expected to close on or around March 31, 2011. Upon completion of the agreement, Titan will operate a network of 80 stores.
Founded by J.W. Hopfenspirger, Schoffman's Inc. began operations in Morgan, Minn. in 1895 and moved to Clements in 1902. In 1914, he brought his son, V.C. Hopfenspirger into the business and the name was changed to J.W. Hopfenspirger and Son. In 1957, the dealership was moved to Redwood Falls under the management of F.J. Schoffman and in 1960 the dealership name was changed to Hopfenspirger-Schoffman. In 1981, the dealership name was changed to Schoffman's Inc. and continued to be located in Redwood Falls, Minn. Schoffman's has been successful for over 116 years based on its superior customer service and knowing that its greatest assets are its employees and customers. Fourth Generation owner Patrick Schoffman will continue in a leadership role with Titan Machinery.
The dealership is strategically located in the fertile Minnesota River Valley and is contiguous to Titan Machinery's Marshall Dealership. In its most recently reported fiscal year ended January 31, 2011, Schoffman's Inc. generated revenues of approximately $16 million.
David Meyer, Titan Machinery's Chairman and CEO, said, "I am very pleased to have a company with the history and success of Schoffman's join the Titan Machinery team. This is an excellent Ag Equipment market and Titan Machinery looks forward to working with Pat Schoffman, the knowledgeable employees and loyal customers in the years ahead."
About Titan Machinery Inc.
Titan Machinery Inc., founded in 1980 and headquartered in West Fargo, North Dakota, is a multi-unit business with mature locations and newly acquired locations. The Company owns and operates a network of full-service agricultural and construction equipment stores in the United States. Upon closing of the Schoffman's Inc. acquisition, the Titan Machinery network will consist of 80 dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska and Wyoming, including two outlet stores, representing one or more of the CNH Brands (NYSE:CNH), including Case IH, New Holland Agriculture, Case Construction, New Holland Construction, Kobelco and CNH Capital. Additional information about Titan Machinery Inc. can be found at www.titanmachinery.com