Titan Machinery this week closed on its acquisition of Adobe Truck & Equipment. The acquisition includes three Case Construction dealerships located in Denver, Colorado Springs, and Loveland, Colo.
Adobe Truck & Equipment’s dealerships are supported by oil exploration in northern Colorado, agriculture in eastern Colorado, and large metropolitan centers in Denver and Colorado Springs. The dealerships will benefit from synergies with Titan Machinery’s existing dealerships in Wyoming and Nebraska. With the acquisition of Adobe Truck & Equipment, Titan Machinery has the exclusive Case Construction contract for all of Colorado east of the Rocky Mountains. In its most recently reported fiscal year, Adobe Truck & Equipment generated revenue of approximately $12 million.
“We are excited to expand the Titan Machinery footprint into Colorado,” said David Meyer, Titan Machinery’s chairman and CEO. “Historically, this eastern Colorado market including the Denver, Colorado Springs, and Loveland/Fort Collins metros has produced large industry unit sales. In addition, we anticipate associated rental demand. We see an overall solid growth platform with this acquisition.”
Titan Machinery, headquartered in West Fargo, N.D., owns and operates a network of full-service agricultural and construction equipment stores in the United States and Europe. Upon the closing of the previously announced Rimex acquisition, the Titan Machinery network will consist of 94 North American dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin and Colorado including two outlet stores, as well as 9 European dealerships in Romania and Bulgaria.