Briggs & Stratton has signed a definitive agreement to acquire Victa Lawncare Pty. Ltd. of Sydney, Australia from GUD Holdings Limited for $22 million in cash, subject to adjustments. Briggs & Stratton's subsidiary Briggs & Stratton Australia Pty. Limited is a party to the transaction.
Victa Lawncare is a designer, manufacturer, and marketer of outdoor power equipment in Australia and New Zealand. Its products are sold at large retail stores and independent dealers. Victa Lawncare had net sales of $56 million for the nine months ended March 31, 2008 and anticipates net sales of approximately $64 million for the 12 months ending June 30, 2008.
The transaction is targeted for closing at the beginning of Briggs & Stratton's FY 1Q 2009, at which time Victa Lawncare will become a subsidiary of Briggs & Stratton Australia Pty. Limited.