The Toro Company has announced that it has entered into an agreement to acquire the privately-owned Venture Products, Inc., the manufacturer of Ventrac-branded products for $167.5 million on cash.
The sale is currently anticipated to close before the end of Toro’s fiscal 2020 second quarter.
This is the largest acquisition by Toro since the company announced it was buying another private family-run company, the Charles Machine Works Inc., for $700 million in February 2019.
Based in Orrville, Ohio, Ventrac is a manufacturer of articulating turf, landscape, and snow and ice management equipment for the grounds, landscape contractor, golf, municipal and rural acreage markets.
Known for their versality with multi-season attachments and ability to handle different terrains including hillsides, Ventrac products are designed to enable the operator to use the equipment in a variety of settings with ease.
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.”
Dallas Steiner, chief executive officer of Venture Products, Inc. said they are excited to become a part of The Toro Company and its family of leading brands.
“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,” he said. “By joining with The Toro Company, it allows us to continue to serve our customers with authentic experiences and trusted products.”