Stanley Black & Decker has announced that it has successfully completed the acquisition of two leading companies in the OPE industry, including purchasing the remaining 80 percent ownership stake in MTD Holdings Inc. and the acquisition of Excel Industries. The purchase price for the two transactions totaled $1.9 billion, inclusive of standard purchase price adjustments.
“The combination of these two high-quality, complementary businesses with our existing outdoor business creates a powerful growth engine with approximately $4 billion in annual revenue across the $25 billion-plus outdoor power equipment industry,” says Stanley Black & Decker CEO James M. Loree.
“These transactions will be accretive to our 2022 earnings and have the potential of further margin expansion as we integrate these great businesses,” he continues. “Combined, this is a platform well positioned for growth and to lead the electrification of outdoor products with a strong portfolio of iconic brands, industry-leading innovation and extensive engineering and manufacturing capabilities. In addition, the acquisitions add deep customer relationships in retail and more than 2,500 independent equipment dealer outlets serving the professional category. We welcome the 8,100 associates from MTD and Excel to Stanley Black & Decker and look forward to a seamless integration process.”
Loree had stated in the company’s October Q3 earnings call that the announced acquisitions were “progressing through their respective regulatory processes” and that he anticipated “to close in late 2021 or early ’22 for both transactions pending successful completion of the regulatory processes.”
The MTD family of brands includes Cub Cadet, Troy-Bilt, Robomow, Rover and WOLF-Garten. Headquartered in Valley City, Ohio, MTD has state-of-the-art manufacturing facilities in North America and Europe, and a global distribution network.
Excel is a leading designer and manufacturer of premium commercial and residential turf equipment under the Hustler Turf Equipment (Hustler) and BigDog Mower Co. (BigDog) brands. Based in Hesston, Kansas, Excel serves 1,400 active independent equipment dealer outlets that stock, sell and service Hustler and BigDog products in the United States and Canada.
STANLEY BLACK & DECKER