Briggs & Stratton has agreed to acquire a Brazilian power equipment maker for $60 million - but has sold the Giant-Vac brand to Scag Power Equipment 

Scag Power Equipment and its parent company, Metalcraft of Mayville Inc., have acquired the assets of Giant-Vac, maker of leaf blowers, commercial mowers and debris handlers.

Giant Vac was bought by Simplicity in 2000 who then added Ferris and Snapper before the portfolio of products was acquired by Briggs & Stratton in 2004 to form its Yard Products division.

"We look forward to applying the manufacturing strength of Metalcraft and the marketing and engineering capabilities of Scag to the Giant-Vac line of debris products," John Crowson, president of Scag Power Equipment, said in a statement announcing the acquisition.

Briggs & Stratton anticipates financing the transaction from cash or with its existing credit facilities. The purchase is expected to be completed within three to four months. "This acquisition brings two great companies with incredible brand strength together," said Todd Teske, chairman, president and CEO of Briggs & Stratton, in a statement.

"It is also another step in executing our strategy to expand in developing regions of the world in order to expand our product portfolio in higher margin categories, and to diversify our geographic footprint," Teske said.