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- Stanley Black & Decker, Inc. (NYSE:SWK) has agreed to acquire Excel Industries for $375 million in cash.
- Excel Industries is a designer and manufacturer of premium commercial and residential turf-care equipment under the brands of Hustler Turf Equipment and BigDog Mower Co.
- Excel Industries expects to achieve over $375 million in revenue for FY21. The Hesston, Kansas-based company has approximately 600 employees.
- Excel Industries serves ~1,400 active independent equipment dealer outlets that stock, sell and service Hustler and BigDog products in the U.S. and Canada.
- Stanley Black & Decker anticipates the acquisition to be modestly accretive to its EPS in year one and accretive to EPS by ~$0.15 - $0.20 by year three, excluding charges.
- Stanley Black & Decker plans to fund the transaction with cash on hand and proceeds from borrowings. It held cash and cash equivalents of $440.4 million as of July 3, 2021.
- Price Action: SWK shares traded higher by 0.78% at $187.87 on the last check Monday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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