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Toro acquires mower maker Spartan for $400 million

Toro has acquired Intimidator Group, makers of the zero-turn Spartan Mowers brand, for $400 million.

It is Bloomington-based Toro’s second-largest acquisition in recent years, following the $700 million purchase of Charles Machine Works in 2019.

“The addition of Spartan Mowers to our portfolio strategically positions us to be an even stronger player in the rapidly growing zero-turn mower market,” Toro Managing Director Richard Olson said in a statement. press Friday.

Zero-turn ride-on mowers are able to turn in place, making them efficient for landscaping and covering a large area quickly.

Toro manufactures a line of zero-turn mowers under its own brand and Exmark. Olson said Spartan would “complement” these brands and provide “opportunities to further leverage technology and design, sourcing and manufacturing efficiencies.”

Intimidator Group is a private company based in Arkansas. It also manufactures side-by-side utility vehicles. The company made $200 million in revenue last year.

Robert and Becky Foster founded Intimidator Group in 2013. In a statement, they said, Toro “has a rich history and proven track record of growing brands with the resources to fuel our future growth.”

Spartan Mowers enjoys strong brand recognition in the southern United States, Toro said, “attracting rural markets and large acreage customers.”

The deal has already received regulatory approvals and has been funded with cash and short-term loans.

Toro stock was flat or slightly lower on Friday morning, reflecting the broader market. The company made $3.9 billion in revenue in its last fiscal year, which ended in October.

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