Stanley Black & Decker buys Hustler Turf Equipment owner

Fresh off the $1.6 billion purchase of most of Cub Cadet owner MTD Holdings in August, Stanley Black & Decker has agreed to buy Excel Industries for $375 million in cash.

Producer of Hustler Turf Equipment and BigDog Mower Co., the Kansas-based company has 600 employees. A longtime innovator in commercial lawn equipment, Hustler launched the first hydrostatic zero-turn mower in 1964.

Stanley Black & Decker CEO James M. Loree said, “This is a strategically important bolt-on acquisition as we build an outdoor products leader. 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, which has been approved by a majority of Excel’s shareholders, is subject to purchase price adjustment provisions and customary closing conditions, including receipt of required regulatory approvals.

Between the MTD and Excel purchases, Stanley Black & Decker has pumped more than $2 billion into the commercial mower space this year.