M&A
confidence high
sentiment positive
materiality 0.75
Toro acquires Intimidator Group (Spartan Mowers) for $400M
TORO CO
- Purchase price $400M paid from cash on hand and short-term borrowings under revolving credit facility.
- Intimidator net sales ~$200M in calendar 2021; deal expected modestly accretive to FY2022 adjusted EPS.
- Spartan Mowers zero-turn mowers complement Exmark/Toro brands; expands Toro's position in zero-turn market.
- Intimidator also makes side-by-side utility vehicles; strong dealer network in southern U.S. rural markets.
- Toro to provide updated FY2022 guidance including Intimidator acquisition with fiscal Q1 results.