Stanley Black & Decker has announced that it has entered into a definitive agreement to sell its Excel Industries (“Excel”) business to Bad Boy Mowers. Excel, which is primarily made up of the professional-grade, gas-powered, ride-on and zero-turn mowers under the Hustler® brand, is expected to generate FY 2026 revenue of approximately $300 million.
“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, Stanley Black & Decker’s President & CEO, commented,
“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, Tools & Outdoor, Stanley Black & Decker, commented “We are excited to welcome Hustler and its talented team to the Bad Boy family,” said Peter Ballantyne, CEO of Bad Boy Mowers. “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.”
The transaction is subject to regulatory approval and other customary closing conditions. The Company does not expect the transaction to be dilutive to adjusted EPS. Until the transaction closes, the results of Excel will remain in continuing operations and will not be reclassified as discontinued operations. BofA Securities, Inc. is acting as financial advisor and Cravath, Swaine & Moore LLP is acting as external legal counsel to Stanley Black & Decker.