Doosan Bobcat to acquire Bob-Cat mowers, Steiner and Ryan brands
|By edited by Mary Elizabeth Williams-Villano|
The agreement furthers the company’s growth and product diversification strategies.
Compact equipment manufacturer Doosan Bobcat North America Inc., West Fargo, North Dakota, has announced plans to acquire the assets of Bob-Cat mowers and the Steiner and Ryan brands of grounds care equipment from Schiller Grounds Care Inc., Southampton, Pennsylvania. 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,” says Scott Park, president and CEO of Doosan Bobcat Inc. “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 also acquire Schiller’s Johnson Creek, Wisconsin, manufacturing facility. The Schiller Grounds Care Inc. 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,” says 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 was not disclosed. BDO Capital Advisers LLC served as the exclusive financial advisor to Schiller Grounds Care Inc.
The acquisition follows two major announcements in November. Doosan Bobcat announced a $26 million-dollar modernization and expansion of its Litchfield, Minnesota, 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, in addition to demonstrating its long-term commitment to the employees and communities in which it operates.
Doosan Bobcat is a part of the Doosan Group, which employs 43,000 people in 38 countries worldwide and is based in Seoul, South Korea. The entity represents brands including Bobcat compact equipment, Doosan Portable Power products and Geith attachments. These Doosan companies engineer, manufacture and market compact construction equipment, generators, air compressors, lighting systems, light compaction equipment and their attachments. Doosan Bobcat North America, headquartered in West Fargo, North Dakota, is the U.S. and Canadian subsidiary of Doosan Bobcat Inc.
Schiller Grounds Care Inc. was established in January 2009 as a result of the merger of Schiller-Pfeiffer Inc., manufacturer of Classen, Little Wonder and Mantis brand gardening, landscaping and turf care equipment, and Commercial Grounds Care, Inc., manufacturer of Bob-Cat, Ryan and Steiner brand grounds care equipment. Schiller Grounds Care Inc. currently operates manufacturing facilities in the U.S. located in Johnson Creek, Wisconsin, and at its corporate headquarters in Southampton, Pennsylvania. The company also operates internationally from its offices in Marly, France.