Titan Machinery Inc. Announces Strategic Acquisition Of Heartland Ag Systems
07/11/22, 11:32 AM
Titan Machinery Inc. (Nasdaq: TITN), a leading network of full-service agricultural and construction equipment stores, announced today that it has entered into definitive purchase agreements to acquire Heartland Ag Systems, Heartland Solutions and related affiliates (“Heartland”), the largest Case IH Application Equipment distributorship in North America providing application-focused solutions for commercial applicators, for an aggregate $110 million, subject to final working capital and other closing adjustments (the “Transaction”). The Transaction consideration will be comprised predominantly of balance sheet cash. In the full year period ended December 31, 2021, Heartland generated revenue of $213.9 million and EBITDA of $15.3 million.
Company Info
Company info
Titan Machinery Inc., founded in 1980 and headquartered in West Fargo, North Dakota, owns and operates a network of full service agricultural and construction equipment dealer locations in North America and Europe. The network consists of US locations in Colorado, Iowa, Minnesota, Nebraska, North Dakota, South Dakota, Wisconsin and Wyoming and its European stores are located in Bulgaria, Germany, Romania, and Ukraine. The Titan Machinery locations represent one or more of the CNH Industrial Brands, including Case IH, New Holland Agriculture, Case Construction, New Holland Construction, and CNH Industrial Capital. Additional information about Titan Machinery Inc. can be found at www.titanmachinery.com.