The side-by-side manufacturing landscape took an interesting turn today when Powersports Business learned that a longtime family-owned operation has been acquired.
The Toro Company, based in Bloomington, Minnesota, has acquired The Intimidator Group, Inc., out of Batesville, Arkansas.
“Our success and growth is the result of our dedicated team of employees, dealers and supply partners of which we are truly thankful and excited to be taking this next step in our journey together,” Robert and Becky Foster, owners of Intimidator Group, said in a press release. “Toro Company has a rich history and proven track record of growing brands with the resources to fuel our future growth. 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 best-in-class products and service to our customers.”
“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,” said Richard M. Olson, chairman and chief executive officer of The Toro Company. “Spartan’s product lineup compliments our innovative Exmark and Toro branded equipment and provides unique opportunities to further leverage technology and design, procurement and manufacturing efficiencies. We are confident the combined efforts of our teams will help advance our strategic priorities while providing unparalleled products, technologies, and service to our customers. This move also reinforces our commitment to disciplined capital deployment, including prudent investments in our business, strategic acquisitions, dividend growth and share repurchases, all of which position us to deliver compelling shareholder return long-term.”
Over the past year, Intimidator Group has seen a 60% growth in sales and had approximately $200 million in net sales for 2021. Under the direction of owners Robert and Becky Foster, the Intimidator Group has created many brands of which include:
Intimidator UTVs: delivering side-by-sides with unparalleled strength, power, and versatility, it is a growing brand in the off-road marketplace.
Spartan Mowers: a new company in the residential and commercial zero-turn mower industry, Spartan Mowers has become the fastest growing mower brand on the market.
eNVy Neighborhood Vehicle: this crossover features rugged durability with a smooth ride to create the perfect electric vehicle to fit a variety of needs.
Operations for the Intimidator Group and its companies will maintain headquarters in Batesville, Arkansas, for all manufacturing, development and employment. The Intimidator Group was founded in 2013.
Here's an article from PSB's 2019 visit to the facility.
Here's a PSB article from 2018 about Intimidator's growth:
The transaction has already received customary regulatory approvals. The purchase price was $400 million, which was paid with a combination of cash on hand and short-term borrowings under Toro’s existing revolving credit facility. The Toro Company expects this acquisition to be modestly accretive to fiscal 2022 adjusted earnings excluding transaction and integration expenses.
For calendar year 2021, Intimidator Group net sales were approximately $200 million.