It’s been a busy summer for snowmobile manufacturers dipping their toes in the waters of the boating industry.
If you recall, in June Polaris Industries reached an agreement to acquire Boat Holdings, LLC, for a reported value of approximately $805 million. The boat manufacturer offers four recognizable brands including Bennington, Godfrey, Hurricane and Rinker. In 2017 it generated $560 million in sales.
At the time, Polaris CEO and chairman Scott Vine said the company had been looking to enter the marine industry market for nearly five years.
Less than a month later, Bombardier Recreational Products (BRP), makers of Ski-Doo snowmobiles, announced the purchase of the Alumacraft Boat company as well as the creation of a Marine Group within its company.
It appears that was only the beginning for the BRP Marine Group – on August 2, 2018, the company announced it had entered into a definitive agreement to acquire Triton Industries Inc., the manufacturer of the Manitou pontoon brand that employs approximately 160 people and has a network of nearly 150 dealers across Canada and the US.
Is this a sign of many more acquisitions to come?
You can read the press release in its entirety below:
Valcourt, Quebec, August 2, 2018 – BRP (TSX:DOO) announced today that it has entered into a definitive agreement to acquire Triton Industries, Inc., the leading North American manufacturer of the Manitou pontoon brand.
An established and growing brand based in Lansing, MI, the family-owned Manitou business is best known for innovative patent-protected technology across its entire lineup, with a brand that is associated with premium luxury and performance. Manitou is considered a pioneer in the evolution of the pontoon thanks to its patented V-TOON technology, an industry game-changer for planing, performance, and efficiency. Manitou employs approximately 160 people and has a network of around 150 dealers across Canada and the US.
“The announcement of the acquisition of Manitou is the logical next step in the roll-out of our global marine strategy,” said José Boisjoli, BRP President and CEO. “We are thrilled to welcome a company with such potential and its entire team to the BRP family. Together, we will strive to transform the industry and become a leading marine company.”
As the second boat acquisition complementing the outboard engine portfolio, Manitou’s addition to the Marine Group further solidifies BRP’s position in this market. The addition of Manitou will enable the company to, over time, continue to transform the customer experience, drive opportunities for dealers, provide overall efficiencies to the new BRP Marine Group and bring innovation to the marine industry.
“Manitou’s strong brand, high quality pontoons and recognized technology made it a natural fit for BRP’s newly formed Marine Group,” said Tracy Crocker, President of the Marine Group. “With the acquisition of Manitou, we are strengthening our marine portfolio by entering the fastest growing segment in the boat industry.”
The transaction remains subject to certain customary closing conditions and is expected to be
completed in the third quarter of BRP’s fiscal year 2019.
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