MILWAUKEE, May 20, 2015 /PRNewswire/ -- Briggs &
Stratton Corporation (NYSE: BGG) announced today that it has
acquired U.S. based Billy Goat Industries, Inc. Incorporated
in 1969 and based in Lee's Summit,
Missouri, Billy Goat is a leading manufacturer of specialty
turf equipment, which includes: aerators, sod cutters, overseeders,
power rakes, brush cutters, walk behind blowers, lawn vacuums, and
debris loaders.
Billy Goat has annual net sales of approximately $30 million. Briggs & Stratton has
acquired all of the outstanding shares of Billy Goat for
approximately $26 million in cash,
subject to customary post-closing working capital
adjustments. The transaction was effective
today.
"Billy Goat's products complement Briggs & Stratton's
already strong commercial turf brands, add specialty lines with
market leading innovation, and further increase Briggs' market
access to the rental channel," stated Harold L. Redman, Sr. Vice-President and
President, Turf and Consumer Products.
"Billy Goat Industries, Inc. helps us to further our strategic
initiative of focusing on higher margin commercial products,"
commented Todd J. Teske, Chairman,
President and Chief Executive Officer of Briggs & Stratton
Corporation. "We welcome the management team and the
employees of Billy Goat to our team, and look forward to building
upon the strong foundation that has made them a strong and
successful company," continued Teske.
"We are delighted to be joining Briggs & Stratton's 107 year
legacy of success," commented Will
Coates, President and CEO of Billy Goat Industries.
Mr. Coates continued, "It was clear to my brother, Drew, and me
that partnering with Briggs & Stratton gives us the best
opportunity to continue with the Billy Goat brand that we care for
so deeply and to focus on what this company does well. We
truly believe that Billy Goat's colleagues, customers, and
employees will benefit from wider access to Briggs & Stratton's
global resources inclusive of leading engine innovation; research
and development; international operations; and adjacent products
that serve to accelerate the growth of the brand worldwide."
About Briggs & Stratton Corporation:
Briggs & Stratton Corporation, headquartered in Milwaukee, Wisconsin, is the world's largest
producer of gasoline engines for outdoor power equipment. Its
wholly owned subsidiaries include North
America's number one marketer of portable generators,
pressure washers and turf care products, and it is a leading
designer, manufacturer and marketer of lawn and garden, turf care
and job site products through its Simplicity®, Snapper®,
SnapperPro® Ferris®, Allmand™, Murray®, Branco® and Victa® brands.
Briggs & Stratton products are designed, manufactured, marketed
and serviced in over 100 countries on six continents. For
additional information, please visit www.basco.com and
www.briggsandstratton.com.
About Billy Goat Industries
Billy Goat Industries, Inc., headquartered in Lee's Summit, Missouri, is a premier designer
and manufacturer of outdoor property cleanup products including
aerators, sod cutters, overseeders, dethatchers, brushcutters,
walk-behind blowers, outdoor lawn and litter vacuums and debris
loaders. Founded in 1967, Billy Goat prides itself on the
innovation, productivity and quality of its products. Billy
Goat features a complete line of seasonal product solutions for
residential, commercial, rental, paving maintenance, and municipal
needs. www.billygoat.com
Safe Harbor Statement:
This release contains certain forward-looking statements that
involve risks and uncertainties that could cause actual results to
differ materially from those projected in the forward-looking
statements. The words "anticipate", "believe", "estimate",
"expect", "forecast", "intend", "plan", "project", and similar
expressions are intended to identify forward-looking statements.
The forward-looking statements are based on the Company's current
views and assumptions and involve risks and uncertainties that
include, among other things, the ability to successfully forecast
demand for our products; changes in interest rates and foreign
exchange rates; the effects of weather on the purchasing patterns
of consumers and original equipment manufacturers (OEMs); actions
of engine manufacturers and OEMs with whom we compete; changes in
laws and regulations; changes in customer and OEM demand; changes
in prices of raw materials and parts that we purchase; changes in
domestic and foreign economic conditions; the ability to bring new
productive capacity on line efficiently and with good quality;
outcomes of legal proceedings and claims; and other factors
disclosed from time to time in our SEC filings or otherwise,
including the factors discussed in Item 1A, Risk Factors, of
the Company's Annual Report on Form 10-K and in its periodic
reports on Form 10-Q. Briggs & Stratton undertakes no
obligation to update forward-looking statements made in this
release to reflect events or circumstances after the date of this
release.
Logo -
http://photos.prnewswire.com/prnh/20120529/CG15020LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/briggs--stratton-corporation-acquires-billy-goat-industries-inc-300086421.html
SOURCE Briggs & Stratton Corporation