Briggs & Stratton Corp. has signed a definitive agreement to acquire Holdrege, Neb.-based Allmand Bros. Inc., a designer and manufacturer of light towers, industrial heaters, backhoes and solar LED arrow boards. Allmand has annual revenues of about $80 million. Briggs & Stratton will acquire all of the outstanding shares of Allmand for about $62 million in cash, subject to due diligence and working capital adjustments.
Briggs & Stratton, which primarily manufactures small engines and outdoor power equipment, expects the deal to close in the next 30 days.
“This acquisition helps us to further our strategic initiative of focusing on attractive higher margin, commercial end use products,” said Todd Teske, chairman, president and CEO of Briggs & Stratton Corp. “The acquisition of Allmand augments our higher margin commercial product portfolio, 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. In addition, we believe this acquisition will accelerate our sales growth in the U.S. and abroad. We look forward to welcoming the management team and the employees of Allmand to our team, and building upon the strong foundation that has made Allmand a highly successful company.”
“With a proven track record of operating successfully for over 100 years, we believe that Briggs & Stratton will be able to accelerate our presence globally,” added Roger Allmand, chairman of Allmand Brothers.
Briggs & Stratton Corp. is based in Milwaukee.
