Source: Husqvarna Group — Orbit Irrigation Acquisition Press Release (2021)

Summary

October 2021 Husqvarna Group announcement of its agreement to acquire Orbit Irrigation for integration into the Gardena Division.

Useful Claims

• Husqvarna Group signed an agreement to acquire Orbit Irrigation on 2021-10-26; Orbit was to become part of the Gardena Division.
• Orbit's net sales during the last 12 months were approximately USD 320m; enterprise value USD 480m on a cash-and-debt-free basis.
• Orbit is based in Salt Lake City, Utah, with approximately 300 employees and over 95% of revenues in North America.
• Orbit's B-hyve smart products had 1.4 million connected devices per this release.

Verbatim

"Husqvarna Group has signed an agreement to acquire Orbit Irrigation, a leading provider of residential watering solutions in North America. Orbit will become part of Husqvarna Group's Gardena Division, establishing a global leader and creating growth opportunities for both brands." — Lead paragraph

"Orbit's net sales during the last 12 months amounted to approximately USD 320m with an operating margin slightly below Husqvarna Group average. The purchase price corresponds to an enterprise value of USD 480m on a cash and debt-free basis" — Deal terms paragraph

"Orbit, based in Salt Lake City, Utah, has approximately 300 employees and generates over 95% of its revenues in North America" — Body paragraph

"the company's B-hyve ® suite of smart products, with 1.4 million connected devices, helps consumers conserve water" — Body paragraph

Reliability Notes

Acquirer's investor-relations press release under EU market-abuse disclosure. Market-leader framing is the buyer's characterization, not independent market-share data.

Related Pages

• Orbit Irrigation Products