Banking Recap

M&A Transaction Announced

Stanley Black & Decker, Inc. (NYSE: SWK) has agreed to sell its Excel Industries, LLC subsidiary, maker of the Hustler brand of professional-grade, gas-powered, ride-on and zero-turn mowers, to Bad Boy Mowers JV Acquisition, LLC. The parties signed an Equity and Asset Purchase Agreement dated September 1, 2026, under which Bad Boy Mowers will purchase Excel Industries, LLC and certain assets related to the Hustler brand name. The transaction was publicly announced on September 4, 2026 in a Form 8-K current report filed under Item 7.01 (Regulation FD Disclosure), which attached a joint press release as Exhibit 99.1. Excel is based in Hesston, Kansas and is expected to generate FY2026 revenue of approximately $300 million.

Stanley Black & Decker's President and CEO, Chris Nelson, said "the sale of Excel further refines our portfolio and unlocks greater shareholder value by concentrating resources on the areas where we see the most compelling opportunities to grow and win," adding that the company remains committed to growing its Outdoor business through brands including Cub Cadet, Dewalt, Craftsman, Troy-Bilt and Black+Decker, and that it is "excited about the high-growth opportunities presented in electric outdoor products." Bill Beck, President of Tools & Outdoor at Stanley Black & Decker, said the Outdoor business and brands "remain a strong asset, with meaningful value and opportunity ahead," and thanked the Excel team for building momentum that leaves the business "well positioned for the future." Peter Ballantyne, CEO of Bad Boy Mowers, said the company is "excited to welcome Hustler and its talented team to the Bad Boy family" and has "tremendous respect for the business and the team that has built it over many decades."

No purchase price or valuation multiple has been disclosed in the public filing. Stanley Black & Decker stated that it does not expect the transaction to be dilutive to adjusted earnings per share, but no further detail on financing structure, cash versus any other consideration, or specific EPS impact in dollar or percentage terms has been disclosed. Until closing, Excel's results will remain in Stanley Black & Decker's continuing operations and will not be reclassified as discontinued operations, per the press release.

BofA Securities, Inc. is acting as financial advisor to Stanley Black & Decker, and Cravath, Swaine & Moore LLP is acting as external legal counsel to Stanley Black & Decker, both per the press release. No financial or legal advisor to Bad Boy Mowers has been identified in the filing.

The transaction is subject to receipt of required regulatory approvals and other customary closing conditions, per the 8-K and press release. No expected closing date, termination fee, or other transaction terms have been disclosed. A search of SEC EDGAR for subsequent filings by Stanley Black & Decker (including its most recent Form 10-Q, filed July 29, 2026, which predates this announcement, and EDGAR full-text search through October 19, 2026) found no purchase agreement exhibit, investor presentation, closing 8-K, or other filing disclosing additional deal terms; the September 4, 2026 Form 8-K and its Exhibit 99.1 press release remain the only public filings describing this transaction as of this writing.