MINNEAPOLIS--(BUSINESS WIRE)--
Polaris Industries Inc. (NYSE: PII) today announced that it has
completed the previously announced acquisition of Boat Holdings, LLC
(“Boat Holdings”), a privately held boat manufacturer, in an all-cash
transaction valued at a net present value (“NPV”) of approximately $805
million. Boat Holdings offers a full lineup of pontoon, deck and cruiser
boats through its recognized brands of Bennington, Godfrey, Hurricane
and Rinker.
As previously announced, Boat Holdings will operate as a distinct
business unit led by current Boat Holdings’ Chief Executive Officer Jake
Vogel and will report to Bob Mack, president of Global Adjacent Markets
and senior vice president of Corporate Development and Strategy at
Polaris.
Advisors
Goldman Sachs & Co. LLC acted as financial advisor to Polaris; and
Simpson, Thacher & Bartlett LLP acted as Polaris’ legal advisor.
Stephens Inc. acted as Boat Holdings’ financial advisor and Jones Day
acted as legal advisor to Boat Holdings.
About Polaris
Polaris Industries Inc. (NYSE: PII) is a global powersports leader that
has been fueling the passion of riders, workers and outdoor enthusiasts
for more than 60 years. With annual 2017 sales of $5.4 billion, Polaris’
innovative, high-quality product line-up includes the RANGER®,
RZR® and Polaris GENERAL™ side-by-side off-road
vehicles; the Sportsman® and Polaris ACE®
all-terrain off-road vehicles; Indian Motorcycle® midsize and
heavyweight motorcycles; Slingshot® moto-roadsters;
snowmobiles; and pontoon, deck and cruiser boats. Polaris enhances the
riding experience with parts, garments and accessories, along with a
growing aftermarket portfolio, including Transamerican Auto Parts.
Polaris’ presence in adjacent markets globally include military and
commercial off-road vehicles, quadricycles, and electric vehicles.
Proudly headquartered in Minnesota, Polaris serves more than 100
countries across the globe. Visit www.polaris.com
for more information.
Except for historical information contained herein, the matters set
forth in this news release, including management’s expectations
regarding the future performance of Boat Holdings and the combined
companies and the accounting effects of the acquisition are
forward-looking statements that involve certain risks and uncertainties
that could cause actual results to differ materially from those
forward-looking statements. Potential risks and uncertainties include
factors such as costs relating to the transaction may be greater than
expected; anticipated tax benefits may not be achieved by Polaris;
problems may arise in integrating the businesses of the two companies
and the integration may not be successful; the combined companies may be
unable to achieve any anticipated synergies or any benefits of the
transaction may take longer to realize than expected; increased
competition and its effect on pricing; the combined companies may not
perform as expected following the closing; and other risks beyond the
control of either party. Investors are also directed to consider other
risks and uncertainties discussed in documents filed by Polaris with the
Securities and Exchange Commission. Polaris does not undertake any duty
to any person to provide updates to its forward-looking statements.
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Polaris Industries Inc.
Media Contact:
Jess Rogers,
763-513-3445
jessica.rogers@polaris.com
or
Investor
Contact:
Richard Edwards,763-513-3477
richard.edwards@polaris.com
Source: Polaris Industries Inc.