Toro Company Acquires Weed Man Franchise to Expand Lawn and Landscape Business

Expansion into Residential Lawn Care Market

The Toro Company (NYSE: TTC), a leading global provider of outdoor power equipment and irrigation solutions, today announced that it has acquired the Weed Man franchise, a North American lawn care company. The acquisition expands Toro's reach into the residential lawn care market and complements its existing commercial landscape business.

Strategic Fit and Growth Potential

The Weed Man franchise is a well-established brand with over 350 locations across North America. The acquisition provides Toro with a strong foothold in the residential lawn care market, which is estimated to be worth over $10 billion annually. Toro plans to leverage its existing distribution network and customer base to accelerate the growth of the Weed Man franchise.

Rick Rodier, President and CEO of Toro, said, "The acquisition of Weed Man is a strategic fit for Toro and aligns with our goal of providing end-to-end solutions for our customers. We believe that the combination of Toro's innovative products and Weed Man's expertise in lawn care will create a powerful offering for both residential and commercial customers."

Enhanced Product and Service Offerings

The acquisition will enable Toro to offer a wider range of products and services to its customers. Toro's existing line of outdoor power equipment and irrigation solutions will be complemented by Weed Man's lawn care services, including fertilization, weed control, and pest management. This will allow Toro to provide a comprehensive solution for all aspects of lawn care and landscape maintenance.

Peter Lawn, President of Weed Man, said, "We are excited to join forces with Toro, a company that shares our commitment to innovation and customer satisfaction. Together, we will continue to provide our customers with the highest quality lawn care services and products."

Financial Terms and Closing

The terms of the transaction were not disclosed. The acquisition is expected to close in the fourth quarter of 2023, subject to customary closing conditions.