Based in Michigan, Boss designs, manufacturers and sells snowplows, salt and sand spreaders, as well as related parts and accessories for light- and medium-duty trucks, ATVs, UTVs and loaders.
Boss sales in 2014 are expected to be approximately $125 million.
The purchase price is approximately $227 million, which Toro will pay primarily in cash except for $30 million that will be paid in the form of a three-year unsecured promissory note.
Toro plans to fund the cash portion of the purchase price with cash on hand and borrowings under a new five-year unsecured revolving credit facility that includes a senior term loan. Toro expects this acquisition to be slightly accretive to fiscal 2015 earnings.
