The Toro Company Acquires Intimidator Group, Manufacturer of Spartan Mowers
14 Januar 2022 - 2:30PM
Business Wire
Acquisition expands position in attractive
zero-turn mower markets
The Toro Company (NYSE: TTC) today announced that it has
acquired privately-held Intimidator Group, based in Batesville,
Arkansas. The Intimidator Group designs and manufactures Spartan
Mowers, a professional line of zero-turn mowers known for
exceptional performance, durability and distinctive styling. Sold
through an established dealer network, Spartan Mowers has strong
brand recognition in southern regions of the United States,
appealing to rural markets and large acreage customers. Intimidator
Group also designs and manufactures an attractive line of powerful
and versatile side-by-side utility vehicles that perform well in
the toughest terrains.
“The addition of Spartan Mowers to our portfolio strategically
positions us to be an even stronger player in the large and rapidly
growing zero-turn mower market,” said Richard M. Olson, chairman
and chief executive officer of The Toro Company. “Spartan’s product
lineup complements our innovative Exmark and Toro branded equipment
and provides unique opportunities to further leverage technology
and design, procurement and manufacturing efficiencies. We are
confident the combined efforts of our teams will help advance our
strategic priorities while providing unparalleled products,
technologies and service to our customers. This move also
reinforces our commitment to disciplined capital deployment,
including prudent investments in our business, strategic
acquisitions, dividend growth and share repurchases, all of which
position us to deliver compelling shareholder returns
long-term.”
“Our success and growth is the result of our dedicated team of
employees, dealers and supply partners for which we are truly
thankful and excited to be taking this next step in our journey
together,” said Robert and Becky Foster, owners of Intimidator
Group. “The Toro Company has a rich history and proven track record
of growing brands with the resources to fuel our future growth.
With a shared commitment to furthering innovation, serving
customers and supporting our people and communities, we look
forward to joining The Toro Company and continuing to provide
best-in-class products and service to our customers.”
The transaction has already received customary regulatory
approvals. The purchase price was $400 million, which was paid with
a combination of cash on hand and short-term borrowings under the
company’s existing revolving credit facility. The Toro Company
expects this acquisition to be modestly accretive to fiscal 2022
adjusted earnings excluding transaction and integration
expenses.
For calendar year 2021, Intimidator Group net sales were
approximately $200 million. To learn more about the Intimidator
Group and Spartan Mowers, visit www.intimidatorgroup.com.
The Toro Company expects to provide updated full-year guidance
that includes the acquisition of Intimidator Group when it reports
its fiscal 2022 first quarter results.
About The Toro Company
The Toro Company (NYSE: TTC) is a leading worldwide provider of
innovative solutions for the outdoor environment including turf and
landscape maintenance, snow and ice management, underground utility
construction, rental and specialty construction, and irrigation and
outdoor lighting solutions. With sales of $4 billion in fiscal
2021, The Toro Company’s global presence extends to more than 125
countries through a family of brands that includes Toro, Ditch
Witch, Exmark, BOSS Snowplow, Ventrac, American Augers, Trencor,
Pope, Subsite Electronics, HammerHead, Radius HDD, Perrot, Hayter,
Unique Lighting Systems, Irritrol, and Lawn-Boy. Through constant
innovation and caring relationships built on trust and integrity,
The Toro Company and its family of brands have built a legacy of
excellence by helping customers work on golf courses, sports
fields, construction sites, public green spaces, commercial and
residential properties and agricultural operations. For more
information, visit www.thetorocompany.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220114005078/en/
Investor Relations Julie Kerekes Treasurer and Sr.
Managing Director, Global Tax and Investor Relations (952)
887-8846, julie.kerekes@toro.com
Media Relations Branden Happel Senior Manager, Public
Relations (952) 887-8930, branden.happel@toro.com
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