Titan Machinery Inc. announced today that it has entered into a definitive agreement to acquire Jewell Implement Company, Inc., a Case IH agriculture equipment dealership located in Jewell, Iowa. The acquisition is expected to close on or around November 1, 2011.
Situated among the fertile farmland of Central Iowa, Jewell Implement is in a prime location to complement Titan Machinery's existing dealerships in Iowa, including its nearby Iowa Falls store. In its most recently reported fiscal year, Jewell Implement generated revenue of approximately $9.8 million.
David Meyer, Titan Machinery's Chairman and CEO, said, "We are excited about the addition of Jewell Implement to the Titan Machinery network. The Vulgamott family, who has owned and operated Jewell Implement since its founding 49 years ago, has built a loyal customer following and strong heritage of Case IH equipment in the Jewel market. We look forward to continuing these trends under the Titan Machinery brand as we implement our strong store operating model into the dealership. We also look forward to continuing the Vulgamott family's tradition of providing local farmers with Case IH products supported with best in class after sales parts and service."
About Titan Machinery Inc.
Titan Machinery Inc., founded in 1980 and headquartered in West Fargo, North Dakota, is a multi-unit business with mature locations and newly-acquired locations. The Company owns and operates a network of full service agricultural and construction equipment stores in the United States. Upon the closing of the Jewell Implement Company, Inc. acquisition, the Titan Machinery network will consist of 90 dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming and Wisconsin including two outlet stores, representing one or more of the CNH Brands ((NYSE: CNH), a majority-owned subsidiary of Fiat Industrial (Milan: FI.MI)), including Case IH, New Holland Agriculture, Case Construction, New Holland Construction, Kobelco and CNH Capital. Additional information about Titan Machinery Inc. can be found at www.titanmachinery.com.
