The Toro Company buy Intimidator Group
The Toro Company in the U.S has announced that it has acquired the privately-held Intimidator Group, based in Batesville, Arkansas, who designs and manufactures Spartan Mowers, a professional line of zero-turn mowers.
Sold through an established dealer network, the manufacturer says Spartan Mowers has strong brand recognition in southern regions of the United States, appealing to rural markets and large acreage customers. Intimidator Group also designs and manufactures a 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 M. Olson, chairman and chief executive officer of The Toro Company.
"Spartan's product lineup complements our 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.
Robert and Becky Foster, owners of Intimidator Group, said "Our success and growth is the result of our dedicated team of employees, dealers and supply partners for which we are truly thankful and excited to be taking this next step in our journey together. The Toro Company has a rich history and proven track record of growing brands with the resources to fuel our 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."
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.
For calendar year 2021, Intimidator Group net sales were approximately $200 million.