January 14, 2022 By Turf & Rec
The Toro Company has acquired the Arkansas-based Intimidator Group, manufacturer of the Spartan Mower line of commercial zero-turn mowers.
“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,” Richard M. Olson, chairman and chief executive officer of The Toro Company, said. “Spartan’s product lineup complements our innovative Exmark and Toro branded equipment and provides unique opportunities to further leverage technology and design, procurement and manufacturing efficiencies. 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. This move also reinforces our commitment to disciplined capital deployment, including prudent investments in our business, strategic acquisitions, dividend growth and share repurchases, all of which position us to deliver compelling shareholder returns long-term.”
Robert and Becky Foster, owners of Intimidator Group, said the Toro Company has a rich history and track record of growing brands with the resources to fuel the Intimidator Group’s future growth.
“With a shared commitment to furthering innovation, serving customers and supporting our people and communities, we look forward to joining The Toro Company and continuing to provide best-in-class products and service to our customers,” they said.
The transaction has already received customary regulatory approvals. The purchase price 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 Toro Company expects this acquisition to be modestly accretive to fiscal 2022 adjusted earnings excluding transaction and integration expenses.
For calendar year 2021, Intimidator Group net sales were approximately $200 million.
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