Titan Machinery To Acquire Jaycox Implement For Undisclosed Sum

Titan Machinery Inc. TITN has entered into a definitive purchase agreement to acquire the assets of Jaycox Implement, Inc. The financial terms were not disclosed.
Jaycox 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 ~$91 million in revenue.
Titan Machinery expects the acquisition to be immediately accretive to earnings per share. The acquisition is expected to close in December 2021.
This acquisition of the Jaycox dealership network in southwestern Minnesota and northwestern Iowa perfectly complements Titan Machinery’s existing footprint in the heart of this highly productive region.
Titan Machinery held cash and equivalents of $65.58 million as of July 31, 2021.
Price Action: TITN shares are trading higher by 4.31% at $28.33 on the last check Wednesday.