Turfcare and landscaping equipment manufacturer Toro has acquired of snow and ice management business Boss for US$227 million (€181 million) from its private owner, Northern Star Industries.
Based in Iron Mountain, US, Boss designs, manufactures and sells snowplows, salt and sand spreaders, and related parts and accessories, for light and medium duty trucks, ATVs, UTVs and loaders. The company is expected to report revenues of US$125 million (€100 million) in 2014.
Michael Hoffman, Toro chairman and CEO, said Boss would be integrated into Toro’s professional contractor businesses.
“We are even better positioned to strengthen and grow our relationships with these important customers by providing them with the innovative and durable equipment and high-quality service they need for each season,” he said.
Mr Hoffman added,“We’ve long been interested in the professional snow and ice management category. We are impressed with Boss’ solid business performance and we are optimistic about the opportunities for growth through product line expansion and in international markets.
“Through this acquisition, we will gain another strong professional contractor brand, a portfolio of reliable counter-seasonal equipment, efficient manufacturing operations and a well-established and broad North American distribution channel for these products.
“In addition, BOSS brings a talented and experienced management team, a passionate and dedicated team of employees and a culture of innovation and customer service that is similar to our own.”