The Toro Company to Acquire BOSS Professional Snow and Ice Management Business
The Toro Company (NYSE: TTC) today announced that it has entered into a definitive agreement to acquire the BOSS professional snow and ice management business of privately-held Northern Star Industries, Inc.
The $227M purchase is expected to close during Toro’s fiscal 2015 first quarter.
“With the addition of BOSS to our existing market-leading professional contractor businesses, we are even better positioned to strengthen and grow our relationships with these important customers by providing them with the innovative and durable equipment and high-quality service they need for each season,” said Michael J. Hoffman, Toro’s chairman and chief executive officer.
“We’ve long been interested in the professional snow and ice management category. We are impressed with BOSS’ solid business performance and we are optimistic about the opportunities for growth through product line expansion and in international markets,” said Hoffman.
Based in Iron Mountain, Michigan, BOSS designs, manufactures and sells snowplows, salt and sand spreaders, and related parts and accessories, for light and medium duty trucks, ATVs, UTVs and loaders.
BOSS sales in 2014 are anticipated to be approximately $125 million. To learn more about BOSS, visit www.bossplow.com.
“Through this acquisition, we will gain another strong professional contractor brand, a portfolio of reliable counter-seasonal equipment, efficient manufacturing operations and a well-established and broad North American distribution channel for these products,” said Hoffman.
“In addition, BOSS brings a talented and experienced management team, a passionate and dedicated team of employees and a culture of innovation and customer service that is similar to our own.”