Stanley Black & Decker has announced that it has entered into a definitive agreement to sell its Excel Industries business to Bad Boy Mowers. Excel, which is primarily made up of the professional-grade, gas-powered, ride-on and zero-turn mowers under the Hustler brand, is expected to generate revenue of approximately $300 million.

Chris Nelson, Stanley Black & Decker’s President & CEO, comments, “We remain committed to growing our Outdoor business through innovation and our strong family of brands, including Cub Cadet, Dewalt, Craftsman, Troy-Bilt, and Black+Decker. We are excited about the high-growth opportunities presented in electric outdoor products, and we will continue to thoughtfully invest in high-performance, residential ride-on and zero-turn mowers. We are confident in our plans to drive organic growth and margin expansion across this portion of our business.”

“We are excited to welcome Hustler and its talented team to the Bad Boy family,” adds Peter Ballantyne, CEO, Bad Boy Mowers. “We have tremendous respect for the business and the team that has built it over many decades. We look forward to supporting Hustler’s continued success as a leader in professional grade mowers.”

The transaction is subject to regulatory approval and other customary closing conditions. Until the transaction closes, the results of Excel will remain in continuing operations and will not be reclassified as discontinued operations.

BofA Securities, Inc. is acting as financial advisor and Cravath, Swaine & Moore LLP is acting as external legal counsel to Stanley Black & Decker.

Chris Nelson, Stanley Black & Decker’s President & CEO, comments, “We remain committed to growing our outdoor business through innovation and our strong family of brands, including Cub Cadet, Dewalt, Craftsman, Troy-Bilt, and Black+Decker. We are excited about the high-growth opportunities presented in electric outdoor products, and we will continue to thoughtfully invest in high-performance, residential ride-on and zero-turn mowers. We are confident in our plans to drive organic growth and margin expansion across this portion of our business.”