Titan Machinery Inc., Fargo, N.D., has entered into an agreement to acquire certain assets of Fairbanks International Inc. and its affiliates. The acquisition, which includes six Nebraska dealerships that carry the Case IH, New Holland agriculture and New Holland Construction brands, is subject to customary conditions and is expected to close on or around December 31, 2010.
The Fairbanks acquisition marks Titan Machinery’s first agriculture dealerships in Nebraska, and complements its construction equipment dealerships in Omaha, and Lincoln, Neb. In its most recently reported fiscal year ended December 31, 2009, Fairbanks International and its acquired affiliates generated revenues of approximately $85 million.
“Strategically, I’m optimistic about the long-term growth opportunities in Nebraska,” said David Meyer, chairman and CEO of Titan Machinery. “I have personally known the Fairbanks family for over two decades and I see many similarities in our operations and business philosophies. Fairbanks International have created and implemented leading-edge product support best practices that have become a standard in the industry. I am excited to bring this expertise and talented group of employees to be a part of the Titan Machinery Team.”
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