For getting the job done, Titan Machinery is one titanic dealer. Titan owns one of North America's largest full-service networks that supply construction and agricultural equipment. Its more than 100 dealerships sell and rent new and used machinery and attachments, parts, as well as service equipment. It represents equipment by CNH's Case IH, New Holland Agriculture, Case Construction, and New Holland Construction. Titan offers excavators, seeders, tillers, and tractors to customers from large-scale farmers to home gardeners. Other products include earthmoving equipment and cranes, used for heavy construction and light industrial jobs, in commercial or residential building, roadwork, forestry, and mining.
Titan continues to expand its network of independent stores, supported by a centralized administrative, finance, and marketing management. In tandem, the company's full-service, multi-point dealership approach is designed to leverage cross-selling equipment opportunities to a diverse group of customers.
Earnings have grown, save for 2010 when they were dented by weak demand for construction equipment coupled with the market's dismal activity. (Titan's construction segment suffered a net loss, pressuring year-over-year profits down by more than 10%.) Cash generated from operations, however, has dwindled drastically under mounting inventories (largely from acquired businesses) along with the net impact of declining accounts payable and customer deposits, and fixed expenses and long-term liabilities.
In early 2012 Titan acquired Adobe Truck & Equipment, which operates three Case Construction dealerships in Colorado. Outside the US, Titan also acquired a majority stake in Rimex, which operates seven agriculture equipment dealerships in Bulgaria, during that same time period.
In 2011 Titan pursued several strategic acquisitions in its agricultural segment and its construction segment. The company in mid-2011 purchased St. Joseph Equipment's construction business. The deal, comprising four locations, represented Titan's first construction equipment dealership in Wisconsin. Hard on its heels, Titan took over ABC Rental, a Montana-based independent construction rental yard with a large customer base that spans Montana, North Dakota, South Dakota, and Wyoming. Titan also acquired construction equipment dealer Carlson Tractor and Equipment, in Minnesota, which is the home turf of just-acquired Schoffman's, an agriculture equipment dealership. Early in 2011 Titan had scooped up Tri-State Implement, which serves the farming communities in and around Sioux Falls, South Dakota.
Titan targeted the Midwest in 2010, completing two acquisitions: Fairbanks International, an agricultural equipment dealer with six franchises in Nebraska, and Hubbard Implement, a Case IH brand agriculture equipment dealership in Iowa.
Chairman, and CEO David Meyer founded Titan in 1980. Meyer owns just shy of 20% of the company. – less