HESSTON, Kan. (KSNW) — A well-known name in tools is buying a Kansas company. Stanley Black & Decker has entered an agreement to acquire Excel Industries for $375 million in cash.
Excel, based in Hesston, makes premium lawn and turf-care equipment under the brands of Hustler Turf Equipment and BigDog Mower Co. Excel has about 600 employees.
A news release says that Excel has $375 million of revenue forecasted in 2021. The company serves approximately 1,400 independent equipment dealer outlets in the U.S. and Canada.
“This is a strategically important bolt-on acquisition as we build an outdoor products leader,” said Stanley Black & Decker’s CEO James M. Loree in a news release. “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 Stanley Black & Decker news release says the transaction has been approved by most of Excel’s shareholders. However, it is subject to purchase price adjustment provisions and customary closing conditions, including receipt of required regulatory approvals.