The Toro Co. has acquired Intimidator Group, based in Batesville, Ark. The Intimidator Group designs and manufactures Spartan Mowers, a professional line of zero-turn mowers. The company also designs and manufactures a line of powerful and versatile side-by-side utility vehicles.
“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 of The Toro Company. “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.”
The transaction has already received customary regulatory approvals. For the calendar year 2021, Intimidator Group net sales were approximately $200 million. The purchase price of the group 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 company expects this acquisition to be modestly accretive to fiscal 2022 adjusted earnings excluding transaction and integration expenses.
“The Toro Company has a rich history and proven track record of growing brands with the resources to fuel our future growth.” said Robert and Becky Foster, owners of Intimidator Group.
