Titan Machinery today entered into a definitive purchase agreement to acquire certain assets of Fairbanks International and its affiliates. The acquisition includes six dealerships that offer one or more of the Case IH, New Holland agriculture and New Holland Construction brands. These dealerships are located in Grand Island, Kearney, Lexington, Holdrege, Hastings, and North Platte, Neb. The acquisition is subject to customary conditions to closing and is expected to close on or around Dec. 31.
Fairbanks International was started by the Fairbanks family in 1910 and it has been selling equipment for more than a century. In 1969, three Fairbanks brothers, David, Loren and Jim, began managing this entity and continue to run the company today. All three brothers plan to continue as an active part of the management of the acquired dealerships going forward.
The six dealerships in the Fairbanks International network are situated along the I-80 corridor in Nebraska. The Fairbanks acquisition marks Titan Machinery’s first agriculture dealerships in Nebraska and complements its construction equipment dealerships in Omaha and Lincoln, Neb. In its most recently reported fiscal year ended Dec. 31, 2009, Fairbanks International and its acquired affiliates generated revenues of approximately $85 million.
“Strategically, I’m optimistic about the long-term growth opportunities in Nebraska,” said David Meyer, Titan Machinery’s chairman and CEO. “I have personally known the Fairbanks family for over two decades and I see many similarities in our operations and business philosophies. Fairbanks International have created and implemented leading-edge product support best practices that have become a standard in the industry. I am excited to bring this expertise and talented group of employees to be a part of the Titan Machinery team.”
Headquartered in West Fargo, N.D., Titan Machinery owns and operates a network of full-service agricultural and construction equipment stores in the United States. Upon closing of the Fairbanks International acquisition, the Titan Machinery network will consist of 77 dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska and Wyoming, including two outlet stores, representing one or more of the CNH brands.