Titan Machinery Inc. (NASDAQ:TITN) announced today that it has closed on the previously announced acquisition of Rimex, which consists of seven Case IH agriculture equipment dealership locations in the following cities in Bulgaria: Sofia, Dobrich, Burgas, Pleven, Ruse, Montana, and Stara Zagora.
Bulgaria has a wealth of productive farmland and agriculture is a substantial part of its national economy. Rimex has been in operation since 1990 and began dealing products from the CNH portfolio in 1992. In its most recently reported fiscal year, the seven locations comprising the Rimex network generated revenue of approximately $37 million. Rimex will continue to be managed by its current management team, and the former owner will retain a minority interest in the company.
David Meyer, Titan Machinery’s Chairman and CEO, said, “We are excited to complete our second international acquisition. We look forward to working with Rimex’s team as we expand our footprint in Eastern Europe and further leverage our operating model abroad.”
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 and Europe. Upon the closing of the previously announced Haberer's Implement acquisition, the Titan Machinery network will consist of 95 North American dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin, and Colorado, including two outlet stores, as well as 9 European dealerships in Romania and Bulgaria. The Titan Machinery dealerships represent 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.