Case IH dealer expands its presence in Nebraska with Acquisition of Virgl Implement and Victors Inc.
Titan Machinery Inc. (NASDAQ:TITN) announced today that it has entered into definitive agreements to acquire two agriculture equipment dealerships in Nebraska. Virgl Implement Inc. consists of one Case IH agriculture equipment dealership in Wahoo, Neb., and Victors Inc. consists of one Case IH agriculture equipment dealership located in Fremont, Neb. Both acquisitions are expected to close on or around September 1, 2011.
Located in eastern Nebraska, Virgl Implement Inc. and Victors Inc. are situated among some of the world's most productive agriculture land. Both dealerships benefit from their proximities to the Ogallala Aquifer, one of the world's largest aquifers that provide irrigation resources resulting in a concentration of intense agriculture, high yields and diversification through all weather cycles. In their most recently reported fiscal years, Virgl Implement Inc. and Victors Inc. generated combined revenue of approximately $45 million.
David Meyer, Titan Machinery's Chairman and CEO, said, "We are excited to expand our agriculture dealership presence in Nebraska. These two dealerships provide excellent synergies with our six agriculture equipments stores that were part of the Fairbanks acquisition that we completed at the end of calendar 2010. Both the Virgl and Victor families have longstanding relationships in their respective communities and built strong product support businesses. We look forward to continuing these trends under the Titan Machinery brand as we implement our strong store operating model into the dealerships."
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 the closing of the Virgl Implement Inc. and Victors Inc acquisitions, the Titan Machinery network consists of 89 dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming and Wisconsin including two outlet stores, representing one or more of the CNH Brands ((NYSE: CNH), a majority-owned subsidiary of Fiat Industrial (Milan: FI.MI)), 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.