Toro acquires company in Batesville
Batesville-based Intimidator Group, the designer and maker of Spartan Mowers, has been acquired by The Toro Company in a deal valued at $400 million.
Spartan Mowers are professional grade zero-turn vehicles popular in the South and targeted at rural markets and large acreage customers. Intimidator Group also designs and builds side-by-side utility vehicles and other products.
“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,” Richard M. Olson, chairman and chief executive officer of The Toro Company, said in a statement Friday. “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.”
Roger Wright, chief operations officer for privately held Intimidator Group, said in a phone interview Friday the company employs about 540 people in Arkansas across all its brands. He said the group has been in talks with its workers Friday and plans are to retain the workforce.
Wright said the sale includes all of Intimidator Group’s assets and brands including Intimidator Utility Terrain Vehicles, Spartan Mowers, Gourmet Guru Grills, Bad Dawg Accessories, and eNVy Neighborhood Vehicles.
Intimidator Group was founded by Robert and Becky Foster in 2013, according to the company website.
“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 bestin-class products and service to our customers,” the Fosters said in a statement.
In response to emailed questions, a Toro spokesman said the Fosters will continue to provide leadership to the team and work with dealers. The spokesman said The Toro Company plans to build on the culture at the Batesville plant and will invest in those facilities to support future growth.
Intimidator Group’s revenue for fiscal 2021 was about $200 million, according to The Toro Company.
In an emailed statement, Crystal Johnson, president and CEO of the Batesville Chamber of Commerce said, “We are very proud of Robert and Becky Foster’s success. They have made a significant economic impact in Independence County and our region, providing jobs to hundreds of Arkansans. The Intimidator Group has always been a strong partner in our economic development strategy.”
Wright said Intimidator Group has 40 acres in Batesville with about 15 of those acres currently in use. In 2018, Intimidator Group expanded its Batesville campus, adding a 206,000 square foot facility.
Plans are to eventually add a corporate headquarters and a training facility. Batesville is the county seat of Independence County, located about 80 miles northeast of Little Rock.
The acquisition has passed regulatory muster and was paid for with cash on hand and and short term borrowing, The Toro Company said. The Minnesota-based company plans to update its full-year guidance to include the Intimidator Group’s acquisition when it reports first-quarter fiscal 2022 results.
In mid-December, The Toro Company reported net sales of $3.96 billion for fiscal 2021, a 17.2% increase. The company operates in more than 125 countries through brands that includes Toro, Ditch Witch and Lawn-Boy.
Shares of The Toro Company closed at $98.60, down 45 cents or less than 1% in trading Friday on the New York Stock Exchange. Shares have traded as low as $92.62 and as high as $118.13 over the past year.