Briggs & Stratton to Acquire Allmand Brothers
Briggs & Stratton Corporation announced today that it has signed a definitive agreement to acquire U.S. based Allmand Bros., Inc. Allmand designs and produces towable light towers, industrial heaters, and solar LED arrow boards. Briggs & Stratton Corporation produces gasoline engines for outdoor power equipment, has wholly owned subsidiaries that market portable generators and pressure washers, and designs, produces and markets lawn and garden and turf care products through several brands.
Allmand has sales of approximately $80 million annually. Briggs & Stratton will acquire all of the outstanding shares of Allmand for approximately $62 million in cash, subject to customary due diligence and working capital adjustments. The transaction is expected to close in the next 30 days.
Todd J. Teske, Chairman, President and CEO of Briggs & Stratton Corporation said the acquisition "expands our market access to include the rental channel, and helps diversify our business into industry segments that we do not meaningfully participate in today."
PR Newsire's complete news release is here.
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