New Britain tools and hardware manufacturer Stanley Black & Decker has agreed to acquire Excel Industries, a maker of turf equipment, for $375 million in cash.
In a statement released Monday, Stanley officials said Excel’s shareholders approved the buyout in a recent vote.
Excel, which has its headquarters in Hesston, Kansas, designs and manufactures commercial and residential turf-care equipment under the Hustler Turf Equipment and BigDog Mower Co. brands. The company supplies around 1,400 independent equipment dealer outlets across the U.S. and Canada, and employs around 600 people.
“This is a strategically important bolt-on acquisition as we build an outdoor products leader,” said Stanley Black & Decker CEO James M. Loree. “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 transaction will be funded with cash on hand and proceeds from borrowing, according to Stanley officials.
Stanley Black & Decker is riding high off of a pandemic-inspired renovation boom, which set in midway through last year as many cooped-up Americans decided to undertake home improvement projects.
Last month, the company reached a $1.6 billion deal to complete its acquisition of lawnmower manufacturer MTD Products. Stanley said it will pay cash to take control of the remaining 80% stake in Ohio-based MTD, an option given to the company after it acquired an initial 20% stake for $234 million in 2019.
