Titan Machinery Inc. (NASDAQ:TITN) announced today that it has closed on two previously announced acquisitions: Schoffman's Inc. and ABC Rental. The Schoffman's acquisition consists of one Case IH, agriculture dealership located in Redwood Falls, Minnesota. The ABC Rental acquisition consists of four rental equipment locations in Missoula, Bozeman, and Big Sky, Montana, and Williston, North Dakota. The locations in Missoula, Williston and Bozeman have consolidated with the Titan Machinery existing Case CE dealerships in their respective markets, leveraging the synergies of both companies.
Schoffman's Inc. is a fourth generation dealership, and it began operations in 1895. 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.
ABC Rental has been in business for over 40 years and has grown into one of the leading rental equipment companies in Montana. With locations in southwest Montana as well as western North Dakota, these rental locations are well-positioned to benefit from the increased activity of the surrounding oil, coal and natural gas exploration and extraction in Montana, North and South Dakota as well as Wyoming. In its most recently reported fiscal year ended December 31, 2010, ABC Rental generated revenues of $5.5 million.
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. The Titan Machinery network consists of 81 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.