Titan Acquires Fairbanks

Titan Machinery Inc., West Fargo, ND, has entered into a definitive purchase agreement to acquire certain assets of Fairbanks International Inc. and its affiliates. The acquisition includes six dealerships that offer one or more of the Case IH, New Holland agriculture and New Holland construction brands. These dealerships, all in Nebraska, are located in Grand Island, Kearney, Lexington, Holdrege, Hastings, and North Platte. The acquisition is subject to customary conditions to closing and is expected to close on or around Dec. 31, 2010.

David Meyer, Titan Machinery’s chairman and CEO, said, “Strategically, I’m optimistic about the long-term growth opportunities in Nebraska. I have personally known the Fairbanks family for over two decades and I see many similarities in our operations and business philosophies. Fairbanks International has created and implemented leading edge product support best practices that have become a standard in the industry.”

Fairbanks acquisition marks Titan’s first agriculture dealerships in Nebraska. In its most recently reported fiscal year ended Dec. 31, 2009, Fairbanks International and its acquired affiliates generated revenues of approximately $85 million. ◆