Toro Acquires Intimidator Group, Manufacturer of Spartan Mowers
The Toro Company has acquired Intimidator Group, which designs and manufactures the Spartan Mowers professional zero-turns as well as Intimidator side-by-side utility vehicles, Envy cross-over vehicles and others. The purchase price was $400 million.
“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,” says 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,” Olson continues, “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.”
Intimidator Group is based in Batesville, Arkansas. Its Spartan Mowers are sold through an established dealer network, and the nameplate has strong brand recognition in southern regions of the United States, appealing to rural markets and large acreage customers, notes Toro. Intimidator Group net sales were approximately $200 million in calendar year 2021.
“Our success and growth is the result of our dedicated team of employees, dealers and supply partners for which we are truly thankful and excited to be taking this next step in our journey together,” say Robert and Becky Foster, owners of Intimidator Group. “The Toro Company has a rich history and proven track record of growing brands with the resources to fuel our future growth. With a shared commitment to furthering innovation, serving customers and supporting our people and communities, we look forward to joining The Toro Company and continuing to provide best-in-class products and service to our customers.”
THE TORO COMPANY
www.thetorocompany.com
INTIMIDATOR GROUP
www.intimidatorgroup.com
