MOLINE, Ill. — Deere & Co., said last month it would buy an extra 42 percent stake in Nortrax Inc., a Deere dealership, from the private equity arm of Credit Suisse First Boston Equity Partners L.P. for $112 million.
The purchase will raise Deere's stake in Nortrax to 83 percent. Deere also said it plans to buy the remaining stake next year for an additional $55 million.
Earlier last month Deere & Company reported that Nortrax Inc. sold its operations in Michigan to JDE Equipment Co. The sale of the Michigan operations supports part of Deere's initial vision for Nortrax — to acquire and improve troubled dealerships, and then potentially sell them to qualified investors who have the financial and managerial expertise to run them successfully.
Newly formed, JDE Equipment Co. is owned by Jim Behrenwald, who will serve as the company's president.
Moline, Ill.-based Nortrax is No. 30 on the RER 100.
