Toro Acquires Spartan Mowers Manufacturer Intimidator Group For $400M

Toro Co TTC has acquired privately-held Intimidator Group, based in Batesville, Arkansas, for $400 million.
Intimidator Group designs and manufactures Spartan Mowers, a professional line of zero-turn mowers; it also designs and manufactures an attractive line of powerful and versatile side-by-side utility vehicles that perform well in the toughest terrains.
Intimidator Group's net sales were ~$200 million for the calendar year 2021.
Toro expects the acquisition to be modestly accretive to FY222 adjusted earnings, excluding transaction and integration expenses.
"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 Olson, chairman, and CEO.
The company paid the purchase price with a combination of cash on hand and short-term borrowings under its existing revolving credit facility. It held cash and equivalents of $405.6 million as of October 31, 2021.
Price Action: TTC shares traded lower by 0.32% at $98.74 on the last check Friday.