Toro Company has entered into an agreement to acquire privately held Venture Products, the manufacturer of Ventrac-branded articulating turf, landscape, and snow and ice management equipment for the grounds, landscape contractor, golf, municipal, and rural acreage markets.
Toro will purchase Venture for $167.5 million in cash, subject to certain adjustments. It expects to finance the transaction by borrowing under its existing revolving credit facility. The transaction is currently anticipated to close before the end of The Toro Company’s fiscal 2020 second quarter.
For calendar year 2019, Ventrac products generated net sales of approximately $100 million.
Last year, Toro acquired The Charles Machine Works, parent company of Ditch Witch-branded horizontal directional drills, ride-on trenchers, utility loaders, mini-skid steers, and vacuum excavators, producing a number of redundancies in the underground market.
“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, chair/CEO.
“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.”