MTD Holdings Acquisition, Valuation, Funding & Investors

MTD Holdings was acquired by Stanley Black & Decker for $2B in August 2021, a 0.8x multiple on $2.6B of revenue.

MTD Holdings acquisition price

$2B

Acquired by Stanley Black & Decker · Aug 2021

MTD Holdings revenue at acquisition

$2.6B

Last twelve months · Aug 2021

MTD Holdings revenue multiple at acquisition

0.8x

EV/Revenue · Aug 2021

MTD Holdings EBITDA multiple at acquisition

8.0x

EV/EBITDA · Aug 2021

MTD Holdings Overview

About MTD Holdings

MTD Holdings is a global leader in outdoor power equipment, producing lawn mowers, snow blowers, string trimmers, and riding tractors under brands like Troy-Bilt, Yard Machines, and Cub Cadet. Headquartered in Valley City near Cleveland, Ohio, the company operates manufacturing plants in the United States, Mexico, and China. MTD Holdings serves residential and commercial markets, with products available at retailers such as Home Depot and Lowe's across North America and Europe.


Founded

1932

HQ

United StatesCleveland, OH

Status

Acquired

Customer focus

B2B & B2C

Revenue model

Product sales

Revenue

$2.6B (Aug 2021)

Valuation

$1.2B (Sep 2018)

MTD Holdings Acquisition

MTD Holdings was acquired by Stanley Black & Decker for $2B on 17 August 2021.

The acquisition price implies a 0.8x revenue and 8.0x EBITDA multiple on $2.6B of revenue.

Before the acquisition MTD Holdings had raised $234M across 1 funding round.

Stanley Black & Decker agreed to acquire the remaining 80 percent stake in MTD Holdings, a privately held manufacturer of outdoor power equipment including brands like Cub Cadet and Troy-Bilt, for $1.6 billion on August 17, 2021. MTD Holdings designs, manufactures, and distributes lawn tractors, zero-turn mowers, walk-behind mowers, snow blowers, residential robotic mowers, handheld outdoor power equipment, and garden tools for residential and professional consumers, with state-of-the-art manufacturing in North America and Europe and a global distribution network. The company had over 7,500 employees and more than $2.5 billion in revenue in the last twelve months prior to the announcement. The transaction followed Stanley Black & Decker's 2019 purchase of a 20 percent stake for $234 million and was expected to close in 2021, ultimately completing on December 1, 2021, alongside the acquisition of Excel Industries. It positions Stanley Black & Decker as a global leader in the $25 billion outdoor power equipment industry, combining with its DEWALT, CRAFTSMAN, and BLACK+DECKER brands to create approximately $4 billion in annual revenue. The deal is projected to generate $100 million in annual cost synergies by 2025 and be accretive to earnings, with $0.50 per share in 2022 rising to over $1.00 by year four. Funding came from cash on hand and debt, subject to regulatory approvals, with one-time charges of $175-200 million for integration and restructuring plus $125-150 million non-cash. The total purchase price reflected an adjusted LTM EBITDA multiple of approximately 8x, supporting growth in consumer home and garden trends and electrification.

MTD Holdings acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
17 Aug 2021Strategic M&A$2B0.8x8.0x

MTD Holdings Valuation

MTD Holdings is currently valued at $1.2B, based on its strategic investment round in September 2018.

The $234M round was led by Stanley Black & Decker.

MTD Holdings valuation by funding round

MTD Holdings valuation by funding round
DateStageValuation
Sep 2018Strategic investment$1.2B

MTD Holdings Funding History

MTD Holdings has raised a total of $234M across 1 funding round.

MTD Holdings funding rounds

MTD Holdings funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2018Strategic investmentStanley Black & Decker (lead)$234M$1.2BMTD Products Inc is a privately held global manufacturer of outdoor power equipment, including the Cub Cadet and Troy-Bilt brands. The company operates in the lawn and garden sector, which represents a $20 billion global market opportunity. In September 2018, Stanley Black & Decker announced a definitive agreement to acquire a 20 percent stake in MTD for $234 million in cash, with the transaction expected to close in early 2019. The investment included board representation, with Stanley Black & Decker appointing two representatives to MTD's 11-member board of directors. Stanley Black & Decker structured the deal with an option to acquire the remaining 80 percent stake beginning July 1, 2021, with future valuation to be based on MTD's expected 2018 EBITDA. In August 2021, Stanley Black & Decker exercised this option and acquired the remaining 80 percent for $1.6 billion. At that time, the company disclosed that MTD was expected to generate approximately $2.6 billion in revenue and over $230 million in consolidated adjusted EBITDA for 2022, with the full acquisition representing an 8x adjusted LTM EBITDA multiple. The combined entity was positioned as a global leader in outdoor power equipment with expected annual cost synergies of approximately $100 million by 2025.

Who has invested in MTD Holdings?

1 investor has backed MTD Holdings across its funding rounds, including Stanley Black & Decker.

Lead investors include Stanley Black & Decker.


MTD Holdings Investors

Investors in MTD Holdings by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by MTD Holdings

MTD Holdings has acquired 1 company to date.

Last acquisition by MTD Holdings was on January 28th 2015. MTD Holdings acquired Core Outdoor Power for undisclosed valuation.


Latest Acquisitions by MTD Holdings

Core Outdoor Power
Description
Core Outdoor Power is a manufacturer of brushless electric outdoor power equipment for residential and farm use. Its lineup includes lawn mowers, string trimmers, and blowers powered by high-torque motors, distributed through dealers in North America.
HQ CountryUnited States
HQ City
Cleveland, OH
Deal Date28 Jan 2015
Valuationundisclosed
EV/Revenue
EV/EBITDA

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MTD Holdings Competitors

MTD Holdings competitors include listed companies like Husqvarna, Helen Of Troy, Spectrum Brands and Flyco, and private ones like Positec and Haier (India smart home unit).

Public and private companies comparable to MTD Holdings
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
PositecChinaSuzhouPrivate--$2B-
HusqvarnaSwedenSwedenPublicly listed$4.8B$591M$2.1B0.7x
Helen Of TroyUnited StatesUnited StatesPublicly listed$1.8B($728M)$642M0.8x
Spectrum BrandsUnited StatesUnited StatesPublicly listed$2.8B$211M$2B0.9x
FlycoChinaChinaPublicly listed$576M$112M$2.1B3.1x
Haier (India smart home unit)IndiaIndiaPrivate--$1.5B-

MTD Holdings Public Comps

MTD Holdings is no longer listed, but its public comps include Spectrum Brands, Flyco, Husqvarna, Peloton, Whirlpool, Electrolux, AUX Electric, Thule, Hangzhou Robam Appliances and Newell Brands.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Spectrum Brands$2.8B$211M0.9x0.9x12.1x7.0x
Flyco$576M$112M3.1x3.1x16.2x14.7x
Husqvarna$4.8B$591M0.7x0.7x5.3x5.1x
Peloton$2.4B$208M1.1x1.1x12.8x5.6x
Whirlpool$16B$1.2B0.6x0.6x7.6x9.5x
Electrolux$13B$941M0.3x0.3x4.9x5.3x
AUX Electric$4.5B$512M0.2x0.2x1.8x2.2x
Thule$1.1B$203M2.4x2.4x12.8x11.8x

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Common questions about MTD Holdings

When was MTD Holdings founded?MTD Holdings was founded in 1932.
Where is MTD Holdings headquartered?MTD Holdings is headquartered in Cleveland, OH, United States.
Is MTD Holdings publicly listed?No, MTD Holdings was acquired by Stanley Black & Decker in August 2021.
Who acquired MTD Holdings?MTD Holdings was acquired by Stanley Black & Decker in August 2021.
How much was MTD Holdings acquired for?MTD Holdings was acquired for $2B in August 2021, a 0.8x revenue multiple.
What is MTD Holdings' valuation?MTD Holdings was last valued at $1.2B in its strategic investment round in September 2018.
How much funding has MTD Holdings raised?MTD Holdings has raised $234M across 1 funding round.
What was MTD Holdings' last funding round?MTD Holdings' last funding round was a $234M strategic investment round in September 2018, led by Stanley Black & Decker.
Who are MTD Holdings' investors?MTD Holdings' investors include Stanley Black & Decker.
Which companies are comparable to MTD Holdings?Companies comparable to MTD Holdings include Positec, Husqvarna, Helen Of Troy, Spectrum Brands, Flyco and Haier (India smart home unit).
How many companies has MTD Holdings acquired?MTD Holdings has acquired 1 company, including Core Outdoor Power.

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