Benzinga | Jan 14, 2022 10:00AM EST

Toro Acquires Spartan Mowers Manufacturer Intimidator Group For $400M

* Toro Co (NYSE: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.