Titan Intl., Inc. Acquires Carlstar Group LLC

Titan International, Inc., a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, announced Feb. 29, 2024, the acquisition of Carlstar Group LLC. (“Carlstar”) for approximately $296 million in a transaction consisting of cash and stock, subject to completion of the wire transfers under the purchase agreement and the issuance of the stock consideration. The transaction price represents a multiple of approximately 4x Carlstar’s FY 2023 adjusted EBITDA of $73 Million and is expected to be immediately accretive to earnings per share and operating margins in 2024.

Carlstar is a global manufacturer and distributor of specialty tires and wheels for a variety of end-market verticals including outdoor power equipment, power sports, trailers, and small to midsize agricultural and construction equipment. Carlstar operates three manufacturing facilities in the US and one in China. Carlstar also internally manages twelve distribution facilities around the world. Carlstar’s global 2023 revenues were approximately $615 million.

Source: Farm-Equipment.com