Titan Machinery Acquires Heartland Ag Systems
Titan Machinery Inc. has announced that it has entered into definitive purchase agreements to acquire Heartland Ag Systems, Heartland Solutions and related affiliates, for an aggregate $110 million, subject to final working capital and other closing adjustments.
Heartland Ag Systems traces its roots to 1966 and is the largest Case IH Application Equipment distributorship in North America and one of the leading national distributors for sprayer parts and accessories. Heartland has exclusive distribution agreements across 17 midwestern and northwestern states, supported by 12 retail stores, six of which are within Titan Machinery’s existing Agriculture footprint, as well as Agriculture and related commercial application equipment manufacturing at their Hutchinson, MN headquarters.
David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, “We are proud to announce our definitive agreement to acquire Heartland Ag Systems today. This transaction is significant for Titan Machinery both in size and strategic fit. Most importantly, this gives Titan Machinery access to the full product line of Case IH application equipment, including self-propelled sprayers and fertilizer applicators, along with incremental sales opportunities to package with tractors, tillage, and construction equipment to the commercial application customer. The increased parts, service and technical capabilities we bring to the commercial application customers in our highly productive core Agriculture footprint, combined with the long-term business relationships Heartland has developed with the commercial application customers, will be a win/win for Titan Machinery, Heartland, Case IH, and the hundreds of commercial application providers in our core markets.”
It is anticipated that all of Heartland’s 340 employees will join Titan Machinery. Heartland’s management team is expected to remain in place throughout and following the integration.
The Transaction is subject to customary closing conditions and is expected to close in August of 2022.