Benzinga | Oct 20, 2021 08:21AM EDT

Titan Machinery Reports Purchase Of Jaycox Implement, No Terms Disclosed

Titan Machinery Inc. (NASDAQ:TITN), a leading network of full-service agricultural and construction equipment stores, announced today that it has entered into a definitive purchase agreement to acquire the assets of Jaycox Implement, Inc. ("Jaycox"), which consists of three full-line Case IH agriculture dealerships located in Worthington, MN, Luverne, MN, and Lake Park, IA. In the trailing twelve-month period ended June 30, 2021, Jaycox generated revenue of approximately $91 million. The acquisition is expected to close in December, 2021 and be immediately accretive to earnings per diluted share.

David Meyer, Titan Machinery's Chairman and Chief Executive Officer, stated, "The acquisition of the Jaycox dealership network in southwestern Minnesota and northwestern Iowa is a perfect complement to our existing footprint in the heart of this highly productive region. Jaycox has been a fixture in this market since 1956, has a talented and experienced team of employees, excellent population of Case IH equipment and is well-known for their focus on customer service. We aim to build upon that legacy with our added resources and look forward to integrating their team and customers into the Titan family."