Cut to the action: Toro buys Spartan Mowers
The Toro Company announced it has acquired privately held Intimidator Group, based in Batesville, Ark. The Intimidator Group designs and manufactures Spartan Mowers, a professional line of zero-turn mowers known for performance, durability and distinctive styling.
“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 CEO of The Toro Company.
Sold through an established dealer network, Spartan Mowers has strong brand recognition in southern regions of the U.S., appealing to rural markets and large acreage customers, said Toro.
“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,” said Olson.
Intimidator Group also designs and manufactures an attractive line of powerful and versatile side-by-side utility vehicles that perform well in the toughest terrains.
“Our success and growth are 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,” said Robert and Becky Foster, owners of Intimidator Group.
“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,” said the Fosters.
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, said the firm.
“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,” said Olson.
For calendar year 2021, Intimidator Group net sales were approximately $200 million. To learn more about the Intimidator Group and Spartan Mowers, visit www.intimidatorgroup.com.
Founded in 1914, The Toro Company, with sales of $4 billion in fiscal 2021, is a leading worldwide provider of innovative solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions.