Cat to acquire 100-year-old Fabick dealership
John Fabick Tractor Company serves Missouri, Illinois, Wisconsin, and the Upper Peninsula of Michigan
Caterpillar Inc. has entered into an agreement to acquire John Fabick Tractor Company (Fabick), a long-standing Cat dealer for over 100 years. The company services portions of Missouri, Illinois, the entire state of Wisconsin, and the Upper Peninsula of Michigan.
The purchase will mark Cat's first completely owned dealership in the world outside of Nippon Caterpillar Ltd. (NCL), the largest Cat dealer in Japan.
The acquisition will increase value for Cat equipment owners
The agreement reflects a customer-focused decision to support a seamless transition of Fabick ownership while maintaining the strong service and local support customers know and value today.
"Caterpillar and Cat dealers share a common mission of solving our customers' toughest challenges," said Joe Creed, Caterpillar Chairman and CEO. "We look forward to continuing to work with the Fabick team to build on a century of success, further strengthen the customer experience and drive long-term growth across the service territory."
"We're incredibly proud of our team and the customer relationships we've built over the past 100 years," said Jeré Fabick, Chairman, CEO and dealer principal of Fabick.
Fabick COO Todd Stanley added, "We are excited for this next chapter with Caterpillar. This will enhance our ability to provide our customers with unmatched services, technology and expertise."
The agreement requires approval by regulatory authorities and is subject to other customary closing conditions. The transaction is expected to close within 30 days.
