WEST FARGO, N.D., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Titan Machinery Inc. (Nasdaq: TITN), a leading network of full-service agricultural and construction equipment stores, announced today that it has entered into a definitive purchase agreement to acquire the assets of Jaycox Implement, Inc. (“Jaycox”), which consists of three full-line Case IH agriculture dealerships located in Worthington, MN, Luverne, MN, and Lake Park, IA. In the trailing twelve-month period ended June 30, 2021, Jaycox generated revenue of approximately $91 million. The acquisition is expected to close in December, 2021 and be immediately accretive to earnings per diluted share.
David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, “The acquisition of the Jaycox dealership network in southwestern Minnesota and northwestern Iowa is a perfect complement to our existing footprint in the heart of this highly productive region. Jaycox has been a fixture in this market since 1956, has a talented and experienced team of employees, excellent population of Case IH equipment and is well-known for their focus on customer service. We aim to build upon that legacy with our added resources and look forward to integrating their team and customers into the Titan family.”
Radio Works spoke to Chad Jaycox about the transistion. Jaycox will stay on board as GM of the Worthington location for 2 years. Jaycox Powersports is also part of the acquisition and will still operate under the name Jaycox Powersports according to Jaycox.
About Titan Machinery Inc.
Titan Machinery Inc., founded in 1980 and headquartered in West Fargo, North Dakota, owns and operates a network of full service agricultural and construction equipment dealer locations in North America and Europe. The network consists of US locations in Colorado, Iowa, Minnesota, Montana, Nebraska, North Dakota, South Dakota, Wisconsin and Wyoming and its European stores are located in Bulgaria, Germany, Romania, Serbia and
Ukraine. The Titan Machinery locations represent one or more of the CNH Industrial Brands, including Case IH, New Holland Agriculture, Case Construction, New Holland Construction, and CNH Industrial Capital. Additional information about Titan Machinery Inc. can be found at www.titanmachinery.com.