The Toro Company acquired Intimidator Group (Spartan Mowers) for $400 million, a transaction completed in January 2022, structured as all cash (cash on hand plus short-term revolver borrowings).
Intimidator Group (Spartan Mowers) operates in Professional / Residential, is based in Batesville, Arkansas, United States, had revenue of about approximately $200 million (calendar year 2021). On January 14, 2022 Toro announced it had acquired privately held Intimidator Group of Batesville, Arkansas — maker of Spartan Mowers, a professional line of zero-turn mowers, plus a line of side-by-side utility vehicles — for $400 million, paid with cash on hand and short-term revolver borrowings. Regulatory approvals were already obtained, so the announcement coincided with completion. Intimidator's calendar-2021 net sales were about $200 million; Spartan has strong brand recognition in the southern U.S. and among rural and large-acreage customers via an established dealer network.
Spartan strategically positioned Toro as a stronger player in the large, rapidly growing zero-turn mower market and complemented its Exmark and Toro-branded equipment, with opportunities to leverage technology, design, procurement and manufacturing efficiencies.
Technology and design, procurement and manufacturing efficiencies across the mower portfolio Professional/Residential mower portfolio (Spartan brand)
The Toro Company has a rich history and proven track record of growing brands with the resources to fuel our future growth... we look forward to joining The Toro Company and continuing to provide best-in-class products and service to our customers.Robert and Becky Foster, Owners, Intimidator Group
Advisory firms were not disclosed for this transaction.