Acquisition Expands Construction Footprint in Minnesota
Titan Machinery Inc. (NASDAQ:TITN) announced today that it has entered into a definitive purchase agreement to acquire Carlson Tractor and Equipment. The acquisition consists of two construction locations in the Minneapolis suburbs of Rosemount and Rogers, Minnesota. The acquisition is subject to customary conditions to closing and the acquisition is expected to close during the middle of May, 2011.
Carlson Tractor and Equipment was started in 1953 by Clifford Carlson in Hastings, Minnesota and moved to Rosemount, Minnesota in 1956 and expanded to a second location in Rogers, Minnesota during 2000. This three generation business, currently led by Rich and Ron Carlson, has provided heavy, medium, and light construction equipment, heavy duty land clearing equipment, wood and waste processing equipment, and aggregate processing equipment. The brands include New Holland Construction, Kobelco, Kawasaki heavy construction, Peterson Pacific grinders and chippers, Seppi, and Barko land clearing equipment, and several lines of crushing and screening equipment. Revenues for fiscal 2010 were $13.5 million.
David Meyer, Titan Machinery's Chairman and CEO, said, "We are excited about gaining entry to this large metro area and solidifying our New Holland CE business in the state of Minnesota with the acquisition of Carlson Tractor and Equipment. The Carlson family and their team bring a legacy of operating experience and customer relationships in the greater Minneapolis area supporting the construction equipment industry. "
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 Carlson Tractor and Equipment the Titan Machinery network will consist of 83 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
In the first and second paragraphs of release dated April 15, 2011, all references to Rosemont, Minnesota have been changed to Rosemount, Minnesota.