Titan Machinery Inc. Announces Strategic Acquisition Of Heartland Ag Systems

Titan Machinery Inc. (Nasdaq: TITN), a leading network of full-service agricultural and construction equipment stores, announced today that it has entered into definitive purchase agreements to acquire Heartland Ag Systems, Heartland Solutions and related affiliates (“Heartland”), the largest Case IH Application Equipment distributorship in North America providing application-focused solutions for commercial applicators, for an aggregate $110 million, subject to final working capital and other closing adjustments (the “Transaction”). The Transaction consideration will be comprised predominantly of balance sheet cash. In the full year period ended December 31, 2021, Heartland generated revenue of $213.9 million and EBITDA of $15.3 million.