Titan Machinery Closes Deal for Falcon Power
Titan Machinery Inc. (NASDAQ: TITN) announced today that it has completed the acquisition of Falcon Power Inc., which consists of two Case construction equipment dealerships located in Phoenix and Flagstaff, Arizona.
Falcon Power's two dealerships are strategically located to provide new and used construction equipment, parts sales, and services to a seven county area in Arizona. The dealerships are well positioned to benefit from residential and infrastructure development activity in the Phoenix and Flagstaff areas. In its most recently reported fiscal year, Falcon Power Inc. reported revenues of approximately $5.5 million.
The Company also closed on the previously announced acquisition of Toner's Inc., which consists of three CaseIH agricultural equipment dealerships located in Grand Island, Broken Bow, and Ord, Nebraska. 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.
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