Wauwatosa-based outdoor power equipment manufacturer Briggs & Stratton Corp. today acquired all the outstanding shares of Billy Goat Industries Inc., a manufacturer of specialty turf equipment, for about $26 million in cash.
Lee’s Summit, Mo.-based Billy Goat makes aerators, sod cutters, overseeders, power rakes, brush cutters, walk behind blowers, lawn vacuums and debris loaders. Billy Goat, which was founded in 1967, has annual revenue totaling about $30 million. The acquisition is subject to customary post-closing working capital adjustments.
Billy Goat has about 100 employees, all of whom will be retained by Briggs at their current facility. The Billy Goat brand and company leadership will also be retained. Billy Goat will report to Briggs’ Turf and Consumer Products division. Briggs now has a total of 6,000 employees companywide.
“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 Redman, senior vice president and president, Turf and Consumer Products at Briggs & Stratton.
“Billy Goat Industries Inc. helps us to further our strategic initiative of focusing on higher margin commercial products,” said Todd Teske, chairman, president and chief executive officer of Briggs & Stratton. “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,” said 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.”