Stanley Black & Decker to acquire Excel Industries
By Chad Elmore16 September 2021
Move adds Hustler, BigDog brands to company’s growing power equipment portfolio.
Stanley Black & Decker has entered into a definitive agreement to acquire zero-turn mower specialist Excel Industries for $375 million in cash.
The company has been interested in the turf care market lately. In August it acquired MTD Holdings Inc., parent company of brands such as Cub Cadet and Troy-Bilt, for $1.6 billion.
Based in Hesston, Kan., Excel is a designer and manufacturer of commercial and residential turf-care equipment under the distinct brands of Hustler Turf Equipment and BigDog Mower Co. With over $375 million of revenue forecasted in 2021, Excel serves approximately 1400 equipment dealer outlets that stock, sell and service Hustler and BigDog products in the United States and Canada. Excel has a legacy of innovation and launched the first hydrostatic zero-turn mower in 1964. The company has approximately 600 employees.
“This is a strategically important bolt-on acquisition as we build an outdoor products leader. Excel brings a range of premier, commercial grade and prosumer turf-care equipment, an extensive dealer network, a talented team and a loyal customer base,” said Stanley Black & Decker CEO James M. Loree.
The transaction, which has been approved by a majority of Excel’s shareholders, is subject to purchase price adjustment provisions and customary closing conditions, including receipt of required regulatory approvals. The transaction will be funded with cash on hand and proceeds from borrowings.
Stanley Black & Decker, an S&P 500 company, is a $14.5 billion global diversified industrial with 56,000 employees in more than 60 countries.