Stanley Black & Decker has entered into a definitive agreement to sell Excel Industries to Bad Boy Mowers, further refining its portfolio as the company concentrates resources on its largest brands and growth opportunities. Financial terms of the transaction were not disclosed.
Excel primarily consists of professional-grade gas-powered ride-on and zero-turn mowers sold under the Hustler brand and is expected to generate approximately $300 million of revenue in fiscal 2026.
The sale is part of Stanley Black & Decker’s ongoing effort to focus its portfolio on businesses and brands where management sees stronger opportunities for growth and shareholder value creation.
Stanley Black & Decker plans to continue investing in its broader Outdoor business, including brands such as Cub Cadet, DEWALT, Craftsman, Troy-Bilt and Black+Decker.
The company also plans to maintain its focus on electric outdoor products and high-performance residential ride-on and zero-turn mowers.
For Bad Boy Mowers, the transaction adds Hustler’s established professional-grade mower portfolio and dealer network.
Excel designs and manufactures premium commercial and residential turf-care equipment and serves a network of independent equipment dealers across the U.S. and Canada.
The company’s history includes launching the first hydrostatic zero-turn mower in 1964.
Excel is based in Hesston, Kansas.
The transaction remains subject to regulatory approval and other customary closing conditions.
Stanley Black & Decker said it does not expect the sale to be dilutive to adjusted EPS.
Until closing, Excel’s financial results will remain within continuing operations and will not be classified as discontinued operations.
BofA Securities is serving as financial advisor to Stanley Black & Decker, while Cravath, Swaine & Moore is serving as external legal counsel.
Stanley Black & Decker employs approximately 41,000 people globally and operates a portfolio spanning power tools, hand tools, storage, digital jobsite solutions, outdoor products and engineered fasteners.
KEY QUOTES:
“The sale of Excel further refines our portfolio and unlocks greater shareholder value by concentrating resources on the areas where we see the most compelling opportunities to grow and win.
We remain committed to growing our Outdoor business through innovation and our strong family of brands, including Cub Cadet, Dewalt, Craftsman, Troy-Bilt, and Black+Decker. We are excited about the high-growth opportunities presented in electric outdoor products, and we will continue to thoughtfully invest in high-performance, residential ride-on and zero-turn mowers. We are confident in our plans to drive organic growth and margin expansion across this portion of our business.”
Chris Nelson, President and CEO of Stanley Black & Decker
“Our Outdoor business and brands remain a strong asset, with meaningful value and opportunity ahead. As we take this next step, I want to recognize and thank our Excel team members for their exceptional dedication, hard work, and valuable contributions. Because of their efforts, the business has strong momentum and is well positioned for the future.”
Bill Beck, President of Tools & Outdoor at Stanley Black & Decker
“We are excited to welcome Hustler and its talented team to the Bad Boy family. We have tremendous respect for the business and the team that has built it over many decades. We look forward to supporting Hustler’s continued success as a leader in professional grade mowers.”
Peter Ballantyne, CEO of Bad Boy Mowers
