Briggs & Stratton Corporation has signed a definitive agreement to acquire U.S.-based Allmand Bros. Inc.
Briggs & Stratton Corporation has signed a definitive agreement to acquire U.S.-based Allmand Bros. Inc. Founded in 1938 and based in Holdrege, Neb., Allmand is a designer and manufacturer of 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.
"This acquisition helps us to further our strategic initiative of focusing on attractive higher margin, commercial end use products," said Todd J. Teske, chairman, president and CEO of Briggs & Stratton Corporation."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."