Titan Machinery Inc. announced today that it has entered into an agreement to acquire Toner’s Inc., which consists of three Case IH agricultural equipment dealerships located in Grand Island (currently “Toner’s Inc.”), Broken Bow (currently “Red Line Equipment”) and Ord (currently “Ord Equipment”), Nebraska. The acquisition is expected to close on or around November 1, 2012.
Upon the closing of the Toner’s Inc. acquisition, the Titan Machinery network will consist of 102 North American dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin and Colorado, including two outlet stores.
Toner’s three dealerships are strategically located in a diverse agriculture market with the primary crops being corn and soybeans, as well as livestock diversification. Toner’s three locations offer synergies with Titan Machinery’s existing stores in Kearney, Lexington, North Platte and Hastings, Nebraska and also benefit from agricultural irrigation with water sourced from the Ogallala Aquifer. In its most recently reported fiscal year, Toner’s Inc. reported revenues of approximately $44.5 million.
David Meyer, Titan Machinery’s Chairman and CEO, said, “Toner’s Inc. is an excellent addition to the Titan Machinery network. Founder Larry Toner along with his sons Steve and Jim and their teams have built an excellent business. Years of customer support have created a strong heritage and loyal following for the Case IH Brand. We are also excited to have a Case IH store located in the same town as the Grand Island Case IH combine manufacturing plant. We look forward to integrating our new locations into our network and expect that they will be strong top and bottom line contributors to our business.”
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 Toner’s Inc. acquisition, the Titan Machinery network will consist of 102 North American dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin, and Colorado, including two outlet stores, as well as 12 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 CaseIH, 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.