It was announced on Tuesday last week that The Toro Company has entered into an agreement to acquire the privately-held Venture Products, Inc., the manufacturer of Ventrac branded products.
In an official statement released by Toro they said the transaction is subject to regulatory approvals and other customary closing conditions, and is currently anticipated to close before the end of The Toro Company’s fiscal 2020 second quarter.
In the UK the Ventrac machines are distributed by Price Turfcare. The company was exhibiting at the BTME exhibition in Harrogate last week when the news broke. Owner of Price Turfcare, Rupert Price told TurfPro that it is "business as usual" - with the company continuing with their successful policy of building a UK dealer network for the machines.
Based in Orrville, Ohio, Ventrac produces articulating turf, landscape, and snow and ice management equipment for the grounds, landscape contractor, golf, municipal and rural acreage markets.
Richard M. Olson, The Toro Company’s chairman and chief executive officer, said, "This acquisition supports our growth strategy in the professional market with the addition of a strong brand and expanded product offering to customers in the turf, landscape, and snow and ice maintenance categories. We have long respected and admired the Ventrac team, and we look forward to helping them grow on the successful foundation they have built in Orrville, Ohio."
Dallas Steiner, chief executive officer of Venture Products, Inc said, "We are excited to become a part of The Toro Company and its family of leading brands. The Toro Company is committed to a culture that aligns with our employee values, has a rich history of success in the marketplace, and a proven track record of growing their brands. By joining with The Toro Company, it allows us to continue to serve our customers with authentic experiences and trusted products.”
The official statement said Toro will purchase Venture Products for $167.5 million in cash, subject to certain adjustments. The Toro Company say they expect to finance the transaction by borrowing under its existing revolving credit facility.