Titan Machinery TITN announced today that it has entered into an
agreement to acquire Toner's, which consists of three CaseIH 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.
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 CaseIH Brand. We are also excited to have a CaseIH store located in
the same town as the Grand Island CaseIH 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.”
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