WASHINGTON (dpa-AFX) - The Toro Company (TTC), a provider of outdoor environment solutions including turf and landscape maintenance, said on Friday that it has acquired privately-held Intimidator Group, a designer and maker of Spartan Mowers, for $400 million, paid with a combination of cash on hand and short-term borrowings.
The Toro expects the acquisition to be modestly accretive to the adjusted earnings of fiscal 2022. For calendar year 2021, Intimidator Group's net sales were approximately $200 million.
Richard Olson, Chief Executive Officer of The Toro Company, commented: '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.'
Sold through an established dealer network, Spartan Mowers has strong brand recognition in southern regions of the US, appealing to rural markets and large acreage customers.
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