SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
The Toro Company
(Name of Issuer)
Common Stock
(Title of Class of Securities)
891092108
(CUSIP Number)
December 31, 2022
(Date of Event Which Requires Filing of This Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
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☒
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Rule 13d-1(b)
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☐
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Rule 13d-1(c)
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☐
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Rule 13d-1(d)
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*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any
subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or
otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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CUSIP No. 891092108
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SCHEDULE 13G
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Page 2 of 6 Pages
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1
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NAMES OF REPORTING PERSONS
Select Equity Group, L.P.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☐
(b) ☐
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF
SHARES
BENEFICIALLY
OWNED
BY EACH
REPORTING
PERSON WITH
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5
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SOLE VOTING POWER
0
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6
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SHARED VOTING POWER
5,839,470
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7
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SOLE DISPOSITIVE POWER
0
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8
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SHARED DISPOSITIVE POWER
5,839,470
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,839,470
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
☐
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.6%*
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12
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TYPE OF REPORTING PERSON
IA
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* Beneficial ownership based on 104,008,480 shares of Common Stock outstanding as of December 15, 2022, as reported on the Issuer’s Annual Report on Form 10-K filed with the Securities Exchange Commission on December 22,
2022.
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CUSIP No. 891092108
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SCHEDULE 13G
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Page 3 of 6 Pages
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1
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NAMES OF REPORTING PERSONS
George S. Loening
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☐
(b) ☐
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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5
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SOLE VOTING POWER
0
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6
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SHARED VOTING POWER
5,839,470
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7
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SOLE DISPOSITIVE POWER
0
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8
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SHARED DISPOSITIVE POWER
5,839,470
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||
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,839,470
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||
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
☐
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.6%*
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12
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TYPE OF REPORTING PERSON
IN/HC
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* Beneficial ownership based on 104,008,480 shares of Common Stock outstanding as of December 15, 2022, as reported on the Issuer’s Annual Report on Form 10-K filed with the Securities Exchange Commission on December 22,
2022.
Item 1(a) Name
of Issuer:
The Toro Company
| Item 1(b) |
Address of Issuer’s Principal Executive Offices:
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8111 Lyndale Avenue South
Bloomington, Minnesota 55420-1196
Items 2(a) Name of Person
Filing:
This Schedule 13G is being filed jointly by Select Equity Group, L.P., a Delaware limited partnership (“Select LP”) and George S. Loening (“Loening”), who is the majority owner of Select LP and
managing member of its general partner. Select LP and Loening are sometimes jointly referred to herein as the “Select Reporting Persons.”
Item 2(b) Address of
Principal Business Office:
The business address of each of the Select Reporting Persons is: 380 Lafayette Street, 6th Floor
New York, New York 10003
Item 2(c) Citizenship:
George S. Loening is a United States citizen.
Item 2(d) Title of Class of
Securities:
Common Stock
Item 2(e) CUSIP Number:
891092108
Item 3 If this statement is
filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is:
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(a)
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☐ Broker or dealer registered under Section 15 of the Act;
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(b)
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☐ Bank as defined in Section 3(a)(6) of the Act;
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(c)
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☐ Insurance company as defined in Section 3(a)(19) of the Act;
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(d)
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☐ Investment company registered under Section 8 of the Investment Company Act of 1940;
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(e)
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☒ An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
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(f)
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☐ An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);
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(g)
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☒ A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);
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(h)
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☐ A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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(i)
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☐ A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940;
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(j)
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☐ A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J);
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(k)
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☐ Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
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Item 4 Ownership:
The information required by Items 4(a)-(c), as of the date hereof, is set forth in Rows 5-11 of the cover page hereto for each Select Reporting Person and is incorporated herein by reference for
each such Select Reporting Person.
Item 5 Ownership of Five
Percent or Less of a Class:
If this statement is being filed to report the fact that as of the date hereof a reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check
the following ☐ .
Item 6 Ownership of More than
Five Percent on Behalf of Another Person:
N/A
| Item 7 |
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company:
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See Exhibit 99.1
Item 8 Identification and
Classification of Members of the Group:
N/A
Item 9 Notice of Dissolution
of Group:
N/A
Item 10 Certification:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities
solely in connection with a nomination under § 240.14a-11.
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SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.
SELECT EQUITY GROUP, L.P.
By: Select Equity GP, LLC, its General Partner
By: /s/ George S. Loening
Name: George S. Loening
Title: Managing Member
/s/ George S. Loening
George S. Loening, an individual
Dated: February 14, 2023
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