Titan Acquires St. Joseph Equip Construction Stores

One of the nation’s largest agricultural and construction equipment retail conglomerates will soon have a presence in Wisconsin, USAgNet reports. Titan Machinery Inc., West Fargo, ND, said it has entered into a definitive purchase agreement to acquire St. Joseph Equipment Inc.’s construction equipment business, which includes a store in La Crosse, WI, as well as three Minnesota locations.

St. Joseph Equipment Inc. was founded in 1948 by William Schams, Sr. in La Crosse. In 1956, his son, William Schams Jr., purchased the company and currently manages the business with his children. The company has expanded over the years to seven locations providing agricultural and construction equipment in Minnesota and western Wisconsin. The family will continue to sell agricultural equipment at its locations in La Crosse and Eyota and Lewiston, Minnesota.

Titan (NASDAQ:TITN) also announced it’s offering 2,400,000 shares of common stock priced at $28.75 per share. In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 360,000 shares of common stock at the offering price to cover over-allotments, if any. The company intends to use the net proceeds for general and administrative expenses and the acquisition of, or investment in, properties, companies, or assets that complement its business. ◆