M&A Deal Summary

Titan Machinery Acquires Heartland AG Systems

On August 2, 2022, Titan Machinery acquired machinery company Heartland AG Systems

Acquisition Highlights
  • This is Titan Machinery’s 3rd transaction in the Machinery sector.
  • This is Titan Machinery’s 19th transaction in the United States.
  • This is Titan Machinery’s 2nd transaction in Iowa.

M&A Deal Summary
Date 2022-08-02
Target Heartland AG Systems
Sector Machinery
Buyer(s) Titan Machinery
Deal Type Add-on Acquisition
Advisor(s) D.A. Davidson & Co. (Financial)

Target

Heartland AG Systems

Ames, Iowa, United States
website
Heartland AG Systems provides CASE IH Application Equipment distributorship in North America and one of the leading national distributors for sprayer parts and accessories to co-operatives and farm service providers. Heartland AG Systems was founded in 2019 and is based in Ames, Iowa.

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Buyer(S) 1

Buyer

Titan Machinery

West Fargo, North Dakota, United States

website

Category Company
Founded 1980
Sector Retail
Employees2,288
Revenue 1.7B USD (2022)
DESCRIPTION

Titan Machinery is an owner and operater of a network of full service agricultural and construction equipment stores in the United States and Europe. The Titan Machinery network consists of 97 North American dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin, Colorado, Arizona, and New Mexico, including three outlet stores, and 16 European dealerships in Romania, Bulgaria, Serbia, and Ukraine. Titan Machinery was founded in 1980 and is based in West Fargo, North Dakota.

DEAL STATS #
Overall 20 of 22
Sector (Machinery) 3 of 3
Type (Add-on Acquisition) 20 of 22
State (Iowa) 2 of 2
Country (United States) 19 of 20
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-20 Jaycox Implement

Worthington, Minnesota, United States

Jaycox Implement provides high-quality, competitively-priced equipment, and solutions that enable the success of customers in the tri-state area. Jaycox Implement was founded in 1956 and is based in Worthington, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-30 O’Connors

Horsham, Australia

O’Connors is a Case IH dealership group that delivers new and used equipment, parts, and services through its 15 dealerships and 1 parts location located in the Australian southeastern grain belt, which includes the regions of Victoria, New South Wales, and South Australia. The company is a distributor for more than 25 short-line equipment brands, providing an impressive range of complementary offerings to its core Case IH line of products, and has a strong parts and service business that provides a reliable recurring revenue stream. O’Connors is based in Horsham, Australia.

Buy $63M
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