Represents Company's First Dealerships in Arizona
WEST FARGO, N.D., November 2, 2012 - Titan Machinery Inc. announced that it has completed the acquisition of Falcon Power Inc., which consists of two Case construction equipment dealerships located in Phoenix and Flagstaff, Arizona.
Falcon Power's two dealerships are strategically located to provide new and used construction equipment, parts sales, and services to a seven county area in Arizona. The dealerships are well positioned to benefit from residential and infrastructure development activity in the Phoenix and Flagstaff areas. In its most recently reported fiscal year, Falcon Power Inc. reported revenues of approximately $5.5 million.
David Meyer, Titan Machinery's Chairman and CEO, said, "We are excited to expand the Titan Machinery footprint into Arizona, as we continue to execute on our core growth strategy of selective and strategic acquisitions in the United States. The areas served by our two new locations have large market potential for new and used construction equipment and parts and service sales, as well as for associated rental demand. We look forward to implementing our Titan Operating Model into these dealerships and are confident that they will contribute to our long-term profitable growth."
The Company also closed on the previously announced acquisition of Toner's Inc., which consists of three CaseIH agricultural equipment dealerships located in Grand Island, Broken Bow, and Ord, Nebraska. Toner's three dealerships are strategically located in a diverse agriculture market with the primary crops being corn and soybeans, as well as livestock diversification. Toner's three locations offer synergies with Titan Machinery's existing stores in Kearney, Lexington, North Platte and Hastings, Nebraska, and also benefit from agricultural irrigation with water sourced from the Ogallala Aquifer. In its most recently reported fiscal year, Toner's Inc. reported revenues of approximately $44.5 million.