West Fargo, N.D. – Doosan Bobcat (S. Korea: KRX) announced plans to acquire the assets of the BOB-CAT Mowers, and the Steiner and Ryan brands of ground care equipment from Schiller Grounds Care. The transaction is expected to close by Dec. 31, 2019, subject to customary closing conditions and approvals.
“As a pillar of our growth strategy, this acquisition will complement our existing business and expand our footprint to additional, growing industries,” said Scott Park, president and chief executive officer of Doosan Bobcat. “These successful brands bring market leadership and closely align with our vision, which will further diversify our business as we expand the reach of Doosan Bobcat to more customers and markets.”
Under the agreement, Doosan Bobcat will acquire the Johnson Creek, Wis., manufacturing facility, and the BOB-CAT Mowers, Steiner and Ryan brands of ground care equipment. The Schiller Grounds Care employees working at the Johnson Creek location, as well as the distributor and dealer direct field sales and technical support teams, will join the Doosan Bobcat team once the acquisition is finalized.
“We see tremendous opportunity in these brands and the grounds care industry,” said Mike Ballweber, president of Doosan Bobcat North America. “We look forward to welcoming these employees to our North America team and are excited about what we will be able to accomplish together.”
The purchase price of the assets of the BOB-CAT Mowers, Steiner and Ryan brands of ground care equipment from Schiller Grounds Care was not disclosed. BDO Capital Advisers served as the exclusive financial advisor to Schiller Grounds Care.
The acquisition follows two major announcements in November. Doosan Bobcat announced a $26 million dollar modernization and expansion of its Litchfield, Minn., production facility and the opening of its Global Collaboration Center in downtown Minneapolis. These investments are part of Doosan Bobcat’s long-term, strategic growth initiatives as a global leader in the compact equipment industry, in addition to demonstrating its long-term commitment to employees and communities in which it operates.