BLOOMINGTON, Minn. — The Toro Company has acquired privately-held Intimidator Group based in Batesville. The Intimidator Group designs and manufactures Spartan Mowers, a professional line of zero-turn mowers.
Sold through an established dealer network, Spartan Mowers has strong brand recognition in southern regions of the United States, appealing to rural markets and large acreage customers. Intimidator Group also designs and manufactures a line of side-by-side utility vehicles.
“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 chief executive officer of The Toro Company. “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. We are confident the combined efforts of our teams will help advance our strategic priorities while providing unparalleled products, technologies and service to our customers. 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.”
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.
For calendar year 2021, Intimidator Group net sales were approximately $200 million.
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