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Titan Machinery is an operator of agricultural and construction equipment stores, while Oskaloosa Implement is full line Case IH brand agriculture dealer. Both the companies are based in the US.
Announcement (September 30, 2009):
Titan Machinery has entered into a letter of intent to acquire the assets of Oskaloosa Implement, with two Case IH brand agriculture equipment dealerships located in Pella and Oskaloosa, Iowa, US.
Following the completion of the transaction, Titan Machinery will integrate the dealerships into its network. The two dealerships generated revenue of $16.8 million in the fiscal year ended December 31, 2008.
Integrated Corporate Relations, Inc. is acting as public relation advisor to Titan Machinery.
The transaction is expected to close on November 1, 2009.
Deal Type Acquisition Sub-Category Majority Acquisition Deal Status Completed: 2009-11-03
Deal Participants
Target (Company) Oskaloosa Implement Company Acquirer (Company) Titan Machinery, Inc.
Deal Rationale
The acquisition will strengthen Titan Machinery's brand in the Iowa market.
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