The Toro Company acquired Exmark Manufacturing Company Incorporated for approximately $31.0 million initial (plus up to $28.0 million contingent earnout through Oct 31, 1999), a transaction completed in November 1997, structured as combination (598,051 common shares + ~$5.5 million cash).
Exmark Manufacturing Company Incorporated operates in Professional, is based in Beatrice, Nebraska, United States, had revenue of about $53.4 million net sales (FY ended Aug 31, 1997). Effective November 1, 1997 Toro acquired Exmark Manufacturing Company of Beatrice, Nebraska, a maker of mid-sized walk-behind power mowers and zero-turn riding mowers for professional landscape contractors. Toro paid an initial ~$31.0 million by issuing 598,051 of its common shares plus about $5.5 million in cash, with additional contingent payments of up to $28.0 million payable if Exmark's earnings and sales growth through fiscal 1999 exceeded set thresholds. Exmark generated $53.4 million of net sales and $2.8 million of net earnings in its fiscal year ended August 31, 1997 and employed roughly 280 people.
Exmark, a leading manufacturer of equipment for the professional landscape contractor industry, added a strong professional-contractor brand and distribution through roughly 25 distributors across North America.
Exmark (professional segment brand)
Advisory firms were not disclosed for this transaction.