Toro Acquires Spartan Mowers Manufacturer Intimidator Group For $400M

Toro Acquires Spartan Mowers Manufacturer Intimidator Group For $400M
  • Toro Co TTC has acquired privately-held Intimidator Group, based in Batesville, Arkansas, for $400 million.
  • Intimidator Group designs and manufactures Spartan Mowers, a professional line of zero-turn mowers; it also designs and manufactures an attractive line of powerful and versatile side-by-side utility vehicles that perform well in the toughest terrains.
  • Intimidator Group's net sales were ~$200 million for the calendar year 2021.
  • Toro expects the acquisition to be modestly accretive to FY222 adjusted earnings, excluding transaction and integration expenses.
  • "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 Olson, chairman, and CEO.
  • The company paid the purchase price with a combination of cash on hand and short-term borrowings under its existing revolving credit facility. It held cash and equivalents of $405.6 million as of October 31, 2021.
  • Price Action: TTC shares traded lower by 0.32% at $98.74 on the last check Friday.

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