Briggs & Stratton has signed a definitive agreement to acquire Allmand Bros. Inc.
Founded in 1938 and based in Holdrege, NE, Allmand is a leading designer and manufacturer of high-quality towable light towers, industrial heaters, and solar LED arrow boards.
Allmand has sales of approximately $80 million annually. Briggs & Stratton will acquire all of the outstanding shares of Allmand for approximately $62 million in cash, subject to customary due diligence and working capital adjustments. The transaction is expected to close in the next 30 days (mid-September 2014).
"This acquisition helps us to further our strategic initiative of focusing on attractive higher-margin, commercial end use products," commented Todd J. Teske, chairman, president and chief executive officer of Briggs & Stratton. Teske continued, "The acquisition of Allmand augments our higher-margin commercial product portfolio, expands our market access to include the rental channel, and helps diversify our business into industry segments that we do not meaningfully participate in today. In addition, we believe this acquisition will accelerate our sales growth in the U.S. and abroad. We look forward to welcoming the management team and the employees of Allmand to our team, and building upon the strong foundation that has made Allmand a highly successful company."
"For over 75 years, Allmand has been producing innovative products that make customer worksites brighter, warmer, safer and more productive," commented Roger C. Allmand, chairman of Allmand Bros. Allmand continued, "The combination of Allmand with Briggs & Stratton will provide even more opportunities for our people and our customers. With a proven track record of operating successfully for over 100 years, we believe that Briggs & Stratton will be able to accelerate our presence globally."
