Briggs & Stratton Corporation announces it has acquired U.S.-based Billy Goat Industries Inc. Incorporated in 1969 and based in Lee's Summit, MO, 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 immediately.
"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," states 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," comments 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."
"We are delighted to be joining Briggs & Stratton's 107 year legacy of success," comments Will Coates, President and CEO of Billy Goat Industries. "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."