The Toro Company of Bloomington, Minnesota, has acquired lawnmower manufacturer Intimidator Group of Batesville in a $400 million deal.
The deal positions Toro to be a stronger player in the growing market for zero-turn mowers, the public company (NYSE: TTC) said in a news release. Intimidator Group designs and manufactures Spartan Mowers, a professional zero-turn mower with strong brand recognition in the South.
“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,” Toro CEO Richard Olson said in the release.
The transaction was paid with cash on hand and short-term borrowing under Toro’s credit facility. It has already received regulatory approvals.
Robert Foster launched Intimidator Group in 2013 after splitting with longtime business partner and Bad Boy Mowers co-founder Phil Pulley. Intimidator Group grew quickly and in 2019 landed its first distribution agreement outside the U.S., a partnership with Doyle’s Wholesale of Ireland, an importer and distributor of outdoor power equipment.
Intimidator Group also designs and manufactures a line of side-by-side utility vehicles known for performance on tough terrain.
The company’s net sales in 2021 were about $200 million.
Foster and his wife Becky, who run the company together, said the deal with Toro brings resources for 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 Fosters said.
Toro has a presence in more than 125 countries. It reported $4 billion in sales in fiscal 2021.
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