News Turf Care Equipment
Stanley Black & Decker acquiring Excel Industries for $375 million

Stanley Black & Decker is acquiring Excel Industries for $375 million in cash.

Excel designs and manufactures commercial and residential turf care equipment, including such brands as Hustler (Hustler Turf Equipment) and BigDog (BigDog Mower Co.). Excel serves about 1,400 independent equipment dealers in Canada and the United States.

“This is a strategically important bolt-on acquisition as we build an outdoor products leader,” Stanley Black & Decker’s CEO James M. Loree said. “Excel brings a range of premier, commercial grade and prosumer turf-care equipment, an extensive dealer network, a talented team and a loyal customer base.”

The transaction, which has been approved by a majority of Excel’s shareholders, is subject to purchase price adjustment provisions and customary closing conditions, including receipt of required regulatory approvals. The transaction will be funded with cash on hand and proceeds from borrowings.

Stanley Black & Decker is a $14.5-billion global diversified industrial with 56,000 employees in more than 60 countries.