January 21, 2020
(330) 683-0075, email@example.com
For Immediate Release
The Toro Company to Acquire Venture Products, Inc., Manufacturer of Ventrac Products
Acquisition expands product portfolio with leader of articulating turf, landscape and snow equipment
ORRVILLE, Ohio (January 21, 2020) – The Toro Company (NYSE: TTC) today announced that it has entered into an agreement to acquire privately-held Venture Products, Inc., the manufacturer of Ventrac-branded products. The transaction is subject to regulatory approvals and other customary closing conditions, and is currently anticipated to close before the end of The Toro Company’s fiscal 2020 second quarter.
Based in Orrville, Ohio, Ventrac is a leading manufacturer of articulating turf, landscape, and snow and ice management equipment for the grounds, landscape contractor, golf, municipal and rural acreage markets. With a combination of power and maneuverability, Ventrac products are designed to enable the operator to use the equipment in a variety of settings with ease. Ventrac machines are trusted by customers for their hillside capabilities, their light footprint in soft turf conditions, and their versatility with multi-season attachments to tackle a variety of applications. For calendar year 2019, Ventrac generated net sales of approximately $100 million.
“Ventrac is well recognized in the industry for its market-leading innovation and commitment to meeting the diverse needs of customers,” said Richard M. Olson, The Toro Company’s chairman and chief executive officer. “This acquisition supports our growth strategy in the professional market with the addition of a strong brand and expanded product offering to customers in the turf, landscape, and snow and ice maintenance categories. We have long respected and admired the Ventrac team, and we look forward to helping them grow on the successful foundation they have built in Orrville, Ohio.”
“We are excited to become a part of The Toro Company and its family of leading brands,” said Dallas Steiner, chief executive officer of Venture Products, Inc. “The Toro Company is committed to a culture that aligns with our employee values, has a rich history of success in the marketplace, and a proven track record of growing their brands. By joining with The Toro Company, it allows us to continue to serve our customers with authentic experiences and trusted products.”
The Toro Company will purchase Venture Products, Inc. for $167.5 million in cash, subject to certain adjustments. The Toro Company expects to finance the transaction by borrowing under its existing revolving credit facility.
About Venture Products, Inc.Venture Products, Inc., the manufacturer of Ventrac-branded tractors and attachments, is a premier innovator of equipment for turf and landscape grounds management, sidewalk snow removal, and specialty grounds care maintenance. Ventrac tractors and attachments are engineered and manufactured in Orrville, Ohio, and sold through a network of highly trained and authorized dealers throughout the world. Built for performance and with quality to last, Ventrac equipment is ideal for golf course turf management, sports fields, collegiate campuses, residential and commercial property maintenance, public green spaces, and agricultural uses. As a respected, well-known global brand in the professional grounds care industry, Venture Products, Inc. engages customers with authentic experiences and trusted products. For more information, visit www.ventrac.com.
About The Toro CompanyThe Toro Company (NYSE: TTC) is a leading worldwide provider of innovative solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions. With sales of $3.1 billion in fiscal 2019, The Toro Company’s global presence extends to more than 125 countries through a family of brands that includes Toro, Ditch Witch, Exmark, BOSS Snowplow, American Augers, Subsite Electronics, HammerHead, Trencor, Unique Lighting Systems, Irritrol, Hayter, Pope, Lawn-Boy and Radius HDD. Through constant innovation and caring relationships built on trust and integrity, The Toro Company and its family of brands have built a legacy of excellence by helping customers care for golf courses, sports fields, construction sites, public green spaces, commercial and residential properties and agricultural operations. For more information, visit www.thetorocompany.com.