---
schema_version: "secwatch.filing_event.v1"
accession: "0000899751-24-000016"
form_type: "8-K"
ticker: "TWI"
cik: "0000899751"
company_name: "TITAN INTERNATIONAL INC"
filed_at: "2024-02-29T23:59:59+00:00"
generated_at: "2026-06-05T07:45:00.818863+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# Titan International acquires Carlstar for ~$296M in cash and stock

## Summary
- Acquired Carlstar for ~$296.2M: $127.5M cash + 11.9M shares of TWI stock (~$168.7M at $14.43/share).
- Sellers now own ~16.4% of Titan's outstanding common stock post-closing.
- Entered $225M revolving credit facility with Bank of America, replacing prior $125M facility; matures 2029.
- Appointed Kim Marvin (AIP Senior Managing Member) to Board, increasing size to nine members.
- Transaction costs ~$7M; financial statements to be filed by amendment within 71 days.

## SEC filing metadata
- accession: 0000899751-24-000016
- form_type: 8-K
- ticker: TWI
- cik: 0000899751
- company_name: TITAN INTERNATIONAL INC
- filed_at: 2024-02-29T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 1.01, 1.02, 2.01, 2.03, 3.02, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/899751/000089975124000016/0000899751-24-000016-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/899751/000089975124000016/twi-20240229.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000899751-24-000016
- JSON: https://secwatch.observer/filing/0000899751-24-000016.json
- Plain text: https://secwatch.observer/filing/0000899751-24-000016.txt

## Key facts
- Debt Financings
  TITAN INTERNATIONAL INC incurred revolving credit of $225 million revolving credit facility with Bank of America, N.A. at not specified maturing not specified.
  - Instrument: revolving credit
  - Principal: $225 million revolving credit facility
  - Counterparty: Bank of America, N.A.
  - Rate: not specified
  - Maturity: not specified
  - Event: incurrence
  source text: On February 29, 2024, the Company and certain of its subsidiaries entered into a credit and security agreement with respect to a $225 million revolving credit facility (the “ Credit Facility ”) with Bank of America, N.A., as agent and a lender, and other financial institutions party thereto.
  evidence_url: https://www.sec.gov/Archives/edgar/data/899751/000089975124000016/0000899751-24-000016-index.htm
- Executive change
  Kim Marvin was appointed as Director at TITAN INTERNATIONAL INC.
  - Action: appointed
  - Role: Director
  source text: The Company has appointed Kim Marvin to the Board, effective as of February 29, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/899751/000089975124000016/0000899751-24-000016-index.htm
- M&A Transactions
  TITAN INTERNATIONAL INC completed an acquisition involving The Carlstar Group, LLC for approximately $127.5 million cash and $168.7 million of Titan common stock (11,921,766 shares based on a volume-weighted average share price of $14.43 per share (closed 2024-02-29).
  - Action: acquisition
  - Counterparty: The Carlstar Group, LLC
  - Consideration: approximately $127.5 million cash and $168.7 million of Titan common stock (11,921,766 shares based on a volume-weighted average share price of $14.43 per share
  - Closing: 2024-02-29
  source text: which Holdings acquired all of the equity interest of Carlstar (the “ Transaction ”) for a total purchase price of approximately $296.2 million, consisting of approximately $127.5 million of cash (the “ Cash Consideration ”) and $168.7 million of the Company’s common stock (11,921,766 shares based on a volume-weighted average share price of $14.43 per share) (the
  evidence_url: https://www.sec.gov/Archives/edgar/data/899751/000089975124000016/0000899751-24-000016-index.htm
- Material Agreements
  TITAN INTERNATIONAL INC entered into Membership Interest Purchase Agreement with Carlstar Intermediate Holdings I, LLC, AIPCF V Feeder (Cayman), LP, AIPCF V Feeder CTP Tire, LLC, The Carlstar Group, LLC valued at approximately $296.2 million (effective 2024-02-29).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Carlstar Intermediate Holdings I, LLC, AIPCF V Feeder (Cayman), LP, AIPCF V Feeder CTP Tire, LLC, The Carlstar Group, LLC
  - Value: approximately $296.2 million
  - Effective: 2024-02-29
  source text: On February 29, 2024, Titan International, Inc., a Delaware corporation (the “ Company ”) entered into a Membership Interest Purchase Agreement
  evidence_url: https://www.sec.gov/Archives/edgar/data/899751/000089975124000016/0000899751-24-000016-index.htm
- Material Agreements
  TITAN INTERNATIONAL INC entered into Credit Agreement with Bank of America, N.A., as agent and a lender, and other financial institutions valued at $225 million revolving credit facility (effective 2024-02-29).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Bank of America, N.A., as agent and a lender, and other financial institutions
  - Value: $225 million revolving credit facility
  - Effective: 2024-02-29
  source text: On February 29, 2024, the Company and certain of its subsidiaries entered into a credit and security agreement with respect to a $225 million revolving credit facility
  evidence_url: https://www.sec.gov/Archives/edgar/data/899751/000089975124000016/0000899751-24-000016-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.