Two local farm and ranch retailers soon could be owned by the same company.
Tractor Supply Co. has entered into an agreement to acquire Orscheln Farm and Home in an all-cash transaction for about $297 million, net of acquired estimated future tax benefits of $23 million, Tractor Supply Co. announced in a news release Friday.
Tractor Supply Co. operates 1,923 Tractor Supply stores in 49 states with an e-commerce website at www.TractorSupply.com.
Orscheln Farm and Home has 167 stores through 11 states: Missouri, Kansas, Nebraska, Iowa, Indiana, Oklahoma, Arkansas, Texas, Kentucky, Illinois and Ohio.
The acquisition is conditioned on the receipt of regulatory approval and satisfactory completion of customary closing conditions.
Both companies currently operate stores in Hastings. Tractor Supply is at 3000 Osborne Drive East. Orscheln Farm and Home is at 1315 W. J St.
When asked whether both Hastings stores would remain open following the purchase, Tractor Supply spokeswoman Mackenzie Goldman said it’s too early in the process to make those announcements. Before any plans can be made on the future of individual stores, she said the agreement must receive regulatory approval, which could take 60 days to nine months.
Hal Lawton, Tractor Supply’s president and CEO, said the purchase is an exciting step for the company expanding in the Midwest.
“We have always had great respect for Barry Orscheln and the team at Orscheln Farm and Home for the strong connection they have with customers in the communities they serve, along with their industry knowledge and capabilities,” he said. “With our shared values and passion for the Out Here lifestyle, we are honored to welcome Orscheln Farm and Home to the Tractor Supply family. 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.”
Tractor Supply intends to fund the acquisition through existing cash on hand.
Barry Orscheln, chairman and CEO of Orscheln Farm and Home, said that for more than 60 years, his family and Orscheln employees have been committed to serving the needs of rural communities across the Midwest.
“I am very proud of all that we have accomplished over this time,” he said. “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.”