Stanley Acquires Hustler and Big Dog
Hustler Zero-Turn Mower
Stanley Expands Portfolio with Hustler and Big Dog Brands
Stanley Black & Decker – September 14, 2021
Stanley Black & Decker revealed on September 13th that it has reached an agreement to purchase Excel Industries for a sum of $375 million in cash. Excel is a manufacturer specializing in turf-care equipment marketed under the well-known Hustler and BigDog brands.
Projected to generate over $375 million in revenue during 2021, Excel currently supports roughly 1,400 active, independent equipment dealerships that distribute, sell, and maintain Hustler and BigDog products throughout the United States and Canada. The company boasts a rich history of innovation, notably pioneering the first hydrostatic zero-turn mower in 1964. Headquartered in Hesston, Kansas, Excel employs approximately 600 individuals.
James M. Loree, Chief Executive Officer of Stanley Black & Decker, stated, "This strategic acquisition represents a significant step in our ambition to become a leading force in the outdoor products sector. Excel introduces a comprehensive line of premium, commercial and prosumer turf-care equipment, along with a vast dealer network, a skilled workforce, and a dedicated customer base."
The acquisition is projected to contribute modestly to Stanley Black & Decker’s earnings per share (EPS) in the first year, and to increase EPS by approximately $0.15 to $0.20 by year three, excluding any associated charges. The transaction, already endorsed by a majority of Excel’s shareholders, remains subject to standard closing stipulations, including the fulfillment of required regulatory approvals and potential adjustments to the purchase price. Funding will be sourced from existing cash reserves and proceeds from borrowing.
Stanley Black & Decker, a constituent of the S&P 500 index, is a globally diversified industrial enterprise valued at $14.5 billion, with a workforce of 56,000 employees operating in over 60 nations. The company is dedicated to creating the tools, products, and solutions that empower those who build and shape the world.