The acquisition will be an all-cash transaction for approximately $297 million and is dependent on the receipt of regulatory approval and satisfactory completion of closing conditions.
“This is an exciting step for Tractor Supply as we expand our footprint in the Midwest with the high-quality assets of Orscheln Farm and Home,” says Hal Lawton, president and CEO of Tractor Supply. “We look forward to bringing together our highly complementary cultures and teams to realize the long-term value and benefits that we expect this acquisition to deliver.”
“For more than 60 years, my family, our Orscheln Farm and Home employees and I have been committed to serving the needs of rural communities across the Midwest,” says Barry Orscheln, chairman and CEO of Orscheln Farm and Home. “I am confident that with Tractor Supply our stores will be well-positioned to continue Orscheln’s tradition of taking care of our customers and communities for the next phase of growth.”
In September, Tractor Supply opened a new store in Oakhurst, California, its 1,900th store in the U.S. The company also experienced record sales and earnings in 2020, with net sales of $10.6 billion, up 26.2 percent from fiscal year 2019.