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Titan Machinery Announces Closing of Acquisition of Adobe Truck & Equipment, LLC

Tue February 28, 2012 - National Edition
CEG


Titan Machinery Inc. has closed it's acquisition of Adobe Truck & Equipment, LLC.
Titan Machinery Inc. has closed it's acquisition of Adobe Truck & Equipment, LLC.

Titan Machinery Inc. announced recently that it has closed on the acquisition of Adobe Truck & Equipment, LLC. The acquisition consists of three Case Construction dealerships located in Denver, Colorado Springs, and Loveland, Colorado.

Adobe Truck & Equipment’s dealerships are located east of the Rocky Mountains in Colorado and are supported by a number of factors including 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 these dealerships, 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.

David Meyer, Titan Machinery’s Chairman and CEO, says, “We are excited to expand the Titan Machinery footprint into Colorado. 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.”