Epiroc has agreed to purchase Stanley Infrastructure, a manufacturer of excavator attachments and handheld hydraulic and battery-powered tools, from Stanley Black & Decker. The $760 million deal includes the LaBounty, Paladin, Pengo and Dubuis brands.
Stanley Infrastructure, headquartered in Milwaukie, Oregon, has estimated revenues of $450 million to $470 million. It employs 1,380 people, primarily in the United States, with 10 production facilities in the U.S., Canada, France and China.
Epiroc produces equipment for construction and mining, including excavator attachments for demolition and recycling. It also produces drill rigs and underground loaders, haulers and dumpers, among other similar products. It has 1,259 employees in the U.S. Epiroc, based in Sweden, split from Atlas Copco in December 2017.
Epiroc says the strategic acquisition will strengthen its presence in the attachment business in infrastructure and construction, especially in the United States. The majority of Stanley Infrastructure’s revenue is generated in North America.
“We are very excited about this strategic acquisition, which is a major step to strengthen our long-term presence in the infrastructure and construction industries,” says Helena Hedblom, Epiroc’s president and CEO. “Stanley Infrastructure has industry-leading products, services and solutions with renowned brands, solid customer relationships, and a strong people culture, which all makes this a perfect fit for Epiroc. Our product portfolios complement each other very well, and this fills some important gaps in our current offering. In addition, we gain access to a broad indirect sales network, which will further diversify and strengthen our footprint. Infrastructure and construction have attractive drivers that include urbanization and scrap recycling for steel production, which will support long-term growth.”
“Customers will benefit from having access to a more complete product portfolio, which we together will continue to develop to meet customers’ increasing need for versatility and productivity,” says Goran Popovski, president of Epiroc’s Tools & Attachments division. “We look forward to welcoming the great team at Stanley Infrastructure to the Epiroc Group, and to grow successfully together.”
The all-cash acquisition is subject to customary regulatory filings and is expected to close in the first quarter of 2024.