STANLEY BLACK & DECKER TO BUY EXCEL INDUSTRIES

Stanley Black & Decker have announced that it has entered into a definitive agreement to acquire Excel Industries for $375 million in cash.

This acquisition comes just weeks after the company bought the remaining 80% of MTD.

Excel is a manufacturer of commercial and residential turf-care equipment under the Hustler Turf Equipment and BigDog Mower Co brands. According to an official statement, with over $375 million of revenue forecasted in 2021, 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.

In the UK & Ireland Hustler is distributed by Southern Machinery. Philip Tutty of Southern told TurfPro, "This is a very exciting development for Excel Industries. The Hustler brand and dealer network in the UK and Ireland has grown significantly over the past number of years and we look forward to building on this success into the future." 

Excel launched the first hydrostatic zero-turn mower in 1964. The Company is located in Hesston, Kansas, and has approximately 600 employees. 

Stanley Black & Decker's CEO James M. Loree said, "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." 

It is said that the transaction will be funded with cash on hand and proceeds from borrowings.