Titan Machinery (NASDAQ:TITN) announced today that it has entered into a definitive agreement to acquire Curly Olney’s, which consists of two Case IH dealerships located in McCook and Imperial, Nebraska. The acquisition is expected to close on or around July 2, 2012.
Located in southwest Nebraska, Curly Olney’s has been in operation since 1968. The dealerships are well positioned to serve a diverse crop and livestock market and are located on top of the Ogallala Aquifer, one of the world's largest aquifers providing irrigation resources that result in a concentration of intense agriculture, high yields and crop diversification through all weather cycles.
Curley Olney’s is also strategically located near Titan Machinery’s existing dealerships in North Platte and Holdrege, Nebraska. In its most recently reported fiscal year, Curly Olney’s reported revenue of approximately $40 million.
David Meyer, Titan Machinery's Chairman and CEO, said, “We are excited about expanding our footprint in southwest Nebraska with the addition of Curly Olney’s. For over forty years, the team at Curly Olney’s has done a tremendous job serving customers in their markets, and we look forward to continuing their tradition of providing an excellent selection of Case IH equipment and parts and service capabilities. We are pleased that the current ownership group will remain onboard managing the operations of these dealerships following the acquisition.”