Doosan Bobcat to acquire three brands
By Doosan Bobcat
BOB-CAT Mowers, Steiner and Ryan to move under Doosan Bobcat umbrella
By Doosan Bobcat
Doosan Bobcat Inc. has announced plans to acquire the assets of BOB-CAT Mowers as well as the Steiner and Ryan brands of ground care equipment from Schiller Grounds Care.
The transaction is expected to close by Dec. 31, subject to customary closing conditions and approvals.
“As a pillar of our growth strategy, this acquisition will complement our existing business and expand our footprint to additional, growing industries,” Scott Park, president and chief executive officer of Doosan Bobcat Inc., said. “These successful brands bring market leadership and closely align with our vision, which will further diversify our business as we expand the reach of Doosan Bobcat to more customers and markets.”
Under the agreement, Doosan Bobcat will acquire the Johnson Creek, Wisc. manufacturing facility, and the BOB-CAT Mowers, Steiner and Ryan brands of ground care equipment. The Schiller Grounds Care, Inc. employees working at the Johnson Creek location, as well as the distributor and dealer direct field sales and technical support teams, will join the Doosan Bobcat team once the acquisition is finalized.
“We see tremendous opportunity in these brands and the grounds care industry,” Mike Ballweber, president of Doosan Bobcat North America, said. “We look forward to welcoming these employees to our North America team and are excited about what we will be able to accomplish together.”
The purchase price of the assets of the BOB-CAT Mowers, Steiner and Ryan brands of ground care equipment from Schiller Grounds Care, Inc. was not disclosed. BDO Capital Advisers LLC served as the exclusive financial adviser to Schiller Grounds Care Inc.
The acquisition follows two major announcements in November. Doosan Bobcat announced a $26-million modernization and expansion of its Litchfield, Minn., production facility and the opening of its Global Collaboration Center in downtown Minneapolis. These investments are part of Doosan Bobcat’s long-term, strategic growth initiatives.