Stanley Black & Decker acquiring Excel Industries

Stanley Black & Decker reported that it has entered into an agreement to acquire turf-care equipment manufacturer Excel Industries for $375 million in cash. 

Excel designs and manufactures of premium commercial and residential turf-care equipment under the distinct brands of Hustler Turf Equipment (Hustler) and BigDog Mower Co. (BigDog).  

The Hesston, Kan.-based company is expected to reach revenue of more than $375 million in 2021. 

Founded in 1964, Excel serves approximately 1,400 active independent equipment dealer outlets that stock, sell and service Hustler and BigDog products in the United States and Canada.  The company is located in Hesston, Kansas, and has approximately 600 employees. 

“This is a strategically important bolt-on acquisition as we build an outdoor products leader,” said Stanley Black & Decker's CEO James Loree commented. “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." 

The transaction has been approved by a majority of Excel's shareholders. The deal is being funded by cash on hand along with proceeds from borrowings,  Stanley Black & Decker said.