Stanley Black & Decker Agrees to Sell Excel Industries (Hustler Turf) to Bad Boy Mowers
STANLEY BLACK & DECKER, INC.
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Filing Summary
Stanley Black & Decker, Inc. (NYSE: SWK) filed a Form 8-K reporting the execution of an Equity and Asset Purchase Agreement to sell its Excel Industries, LLC subsidiary (including the HUSTLER® brand) to Bad Boy Mowers JV Acquisition, LLC.
• Business Sold: Excel Industries (commercial & residential turf-care equipment/Hustler brand) • Expected FY2026 Revenue: ~$300 million • Financial Impact: Not expected to be dilutive to adjusted EPS • Advisors: BofA Securities (Financial), Cravath, Swaine & Moore LLP (Legal)
Comprehensive Analysis
Summary of Event
On September 4, 2026, Stanley Black & Decker, Inc. (NYSE: SWK) announced that it entered into an Equity and Asset Purchase Agreement, dated September 1, 2026, to sell Excel Industries, LLC and related assets of the Hustler® brand to Bad Boy Mowers JV Acquisition, LLC.
Transaction Highlights
- Target Business: Excel Industries, LLC, a designer and manufacturer of premium commercial and residential turf-care equipment under the Hustler Turf Equipment brand (located in Hesston, Kansas).
- Revenue Profile: Excel Industries is expected to generate approximately $300 million in full-year 2026 revenue.
- EPS Impact: The transaction is not expected to be dilutive to adjusted EPS.
- Accounting Treatment: Results of Excel will remain in continuing operations until closing and will not be reclassified as discontinued operations.
- Strategic Rationale: Enables Stanley Black & Decker to concentrate capital and operational resources on core brands (Cub Cadet, DEWALT, CRAFTSMAN, Troy-Bilt, BLACK+DECKER) and high-growth opportunities in electric outdoor products.
- Advisors:
- Financial Advisor: BofA Securities, Inc.
- Legal Counsel: Cravath, Swaine & Moore LLP
Conditions & Closing
The transaction is subject to receipt of required regulatory approvals and customary closing conditions.
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