D.A. Davidson Advises Leading Manufacturer and Distributor of Agriculture Equipment Heartland AG Systems on Its Sale to Titan Machinery

IRVINE, Calif.--(BUSINESS WIRE)--D.A. Davidson & Co. announced today that it has served as the exclusive financial advisor to Heartland AG Systems, Inc. and its affiliates (Heartland). Heartland is the largest CASE IH Application Equipment distributorship in North America and one of the leading national distributors for sprayer parts and accessories to co-operatives and farm service providers. Titan Machinery, Inc. (NASDAQ:TITN) sells and services agricultural and construction equipment in the U.S. and Europe. The company sells and repairs agricultural equipment, including machinery and attachments for large-scale farming and home and gardening purposes, as well as construction equipment.

“Over the past decade, we have worked to create a differentiated platform built on specialized knowledge, market expertise, and incredible service,” said Bob Caldwell, Shareholder of Heartland. “From the outset, the D.A. Davidson Food, Beverage & Agriculture (FBA) investment banking team was committed and relentless in finding us a partner to take the business forward. On behalf of my partners Gordon Glade, Jeff Keller, and the company, we appreciate the extensive time and effort the Davidson FBA team invested in positioning our business and running a professional process, reaching a great outcome.”

“The ownership group of Heartland have consolidated an unrivaled platform when it comes to application equipment from the Midwest through the Rockies to the Pacific Northwest, building a management team that is first class,” said Andrew Norwood, Director, Food, Beverage & Agriculture at D.A. Davidson. “We are honored to have played a role in the next phase of the company’s growth.”

Heartland has a network spanning 17 states built up over four acquisitions since 2014. The company’s heritage dates back to 1966, with more than 50 years of industry experience building its reputation as a trusted distributorship to over 10,000 customers providing a range of OEMs and products.

Deal Team Contacts

Michael Smith, Managing Director | Salt Lake City | [e-mail]
John Decker, Managing Director | Lincoln, NE | [e-mail]
Andrew Norwood, Director | Portland | [e-mail]
David Lawless, Associate | Salt Lake City | [e-mail]
Eric Stetler, Managing Director | Chicago | [e-mail]

About D.A. Davidson Companies

D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Los Angeles, New York, Omaha, and Seattle, the company has approximately 1,475 employees and offices in 28 states.

Subsidiaries include: D.A. Davidson & Co., a full-service investment firm providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; D.A. Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio and advisory services.

For more information, visit dadavidson.com.