Toro Purchases Commercial Lawn Care Equipment Maker L.T. Rich Products
The Toro Company announced a deal Monday that will bolster its portfolio of zero-turn spreaders, sprayers, aerators and snow and ice equipment.
The Bloomington-based company, best known for its lawn and turf maintenance equipment, said it acquired L.T. Rich Products. Under its Z-Spray and Z-Plug brands, Indiana-based L.T. Rich makes a variety of stand-on equipment that is popular among landscape contractors and grounds professionals.
“The industry-leading Z-Spray line complements our current spreader/sprayer product offering to contractors, golf and grounds customers, while the innovative Snowrator is an exciting addition to our professional snow and ice management line,” said Toro chief executive Richard Olson in prepared remarks. “With our continued focus on innovation and technology, we believe these products have broad application across many of our professional markets.”
Toro did not disclose terms of its deal for L.T. Rich.
L.T. Rich, founded in 1999, has a staff of about 65 employees, according to the Star Tribune. When asked about Toro's transition plan for the company's staff, Toro spokesman Branden Happel said it would be “business as usual.”
“L.T. Rich will continue to manufacture products from their Lebanon, IN facility for the near future, until we transition produciton into our operations,” Happel said in an email.
Tom Rich, president of L.T. Rich, in a statement said the company was looking forward to joining Toro. “We believe that Toro’s history, market leadership and resources will further enable our continued growth in the market,” he said.
The deal marks Toro’s second significant investment this year. In February, the company announced a minor investment in Boston-based GreenSight Agronomics, which is developing drone technology aimed at helping golf courses improve their turf and water management practices.
Toro’s stock was up slightly Tuesday, jumping by as much as 1 percent to $63.16 a share.