Polaris has announced another big acquisition, one which will expand the company’s on-road presence. The Medina-based make of snowmobiles, ATVs and UTVs purchased Aixam Mega, a maker of small, low-powered cars called “Quadricycles” and light duty trucks. the press release is below:
Polaris Acquires Aixam Mega
Expertise in On-Road Quadricycles and Light Duty Commercial Vehicles
Complements Polaris’ Existing Product Portfolio
MINNEAPOLIS (April 11, 2013) — Polaris Industries Inc. (NYSE: PII) today announced the acquisition of A.M. Holding S.A.S., which operates under the name Aixam Mega S.A.S., a privately owned company based in Aix-les-Bains, France which manufactures and sells enclosed on-road quadricycles and light duty commercial vehicles in Europe. The acquisition of Aixam Mega significantly strengthens Polaris’ existing small vehicle portfolio, which includes GEM and Goupil vehicles, and enhances the profitability and growth potential of Polaris in the EMEA region.
“Aixam Mega is an excellent fit with Polaris and offers a unique opportunity for us to expand our small vehicle platform and accelerate international growth,” said Scott Wine, Polaris Chairman and CEO. “We are committed to positioning Polaris as a global leader in the growing small vehicle market and this investment reaffirms Polaris’ commitment to building a global business capable of delivering long-term, profitable growth. Consistent with our recently announced plan to build a new manufacturing facility in Opole, Poland, the Aixam Mega business acquisition is indicative of our confidence in EMEA to be a contributor to Polaris’ pursuit of productivity, innovation and growth. ”
Aixam Mega designs, manufactures and sells both passenger and light duty commercial quadricycles under the Aixam and Mega brands. Aixam Mega’s quadricycles are four-wheeled, on-road enclosed vehicles characterized by their light weight, low speed and ability, in many countries, to be operated without a full automobile driver’s license. Founded in 1983, the company has a history of strong financial performance and profitable growth, achieving approximately $110 (US) million in sales in 2012 through a distribution network of more than 400 European dealers. The Aixam brand offers a range of diesel-fueled and electric passenger quadricycles including sedan, SUV and sport styles. The Mega brand offers electric and diesel-fueled light duty commercial vehicles.
“We’re excited about today’s announcement and the opportunity to work with a leading global company like Polaris,” said Philippe Colançon, Aixam Mega business unit President. “Joining Polaris provides us with technology, expertise and resources to make continued investments in our business, while accelerating profitable growth through new customer opportunities. We look forward not only to what we can learn from Polaris, but what we can contribute to Polaris through our expertise and experience.”
Terms of the transaction were not disclosed; however, the transaction will be funded through the use of Polaris’ cash on hand. The transaction is expected to be slightly accretive to Polaris’ earnings per share in 2013 after acquisition costs.
Photos of select Aixam Mega vehicles and a slide summarizing their business and strategic fit with Polaris are available here: http://www.businesswire.com/news/home/20130411005337/en.
Polaris is a recognized leader in the powersports industry with annual 2012 sales of $3.2 billion. Polaris designs, engineers, manufactures and markets innovative, high quality off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER® and RZR® side-by-side vehicles, snowmobiles, motorcycles and on-road electric/hybrid powered vehicles.
Polaris is among the global sales leaders for both snowmobiles and off-road vehicles and has established a presence in the heavyweight cruiser and touring motorcycle market with the Victory and Indian motorcycle brands. Additionally, Polaris continues to invest in the global on-road small electric/hybrid powered vehicle industry with Global Electric Motorcars (GEM), Goupil Industrie SA, and internally developed vehicles. Polaris enhances the riding experience with a complete line of Polaris and KLIM branded apparel and Polaris accessories and parts.
Polaris Industries Inc. trades on the New York Stock Exchange under the symbol “PII”, and the Company is included in the S&P Mid-Cap 400 stock price index.
Information about the complete line of Polaris products, apparel and vehicle accessories are available from authorized Polaris dealers or anytime at www.polaris.com.
Aixam Mega is a leading manufacturer of European enclosed quadricycles. Founded in 1983, Aixam Mega manufactures and sells passenger quadricyles under the Aixam brand and light duty commercial vehicles under the Mega brand. Aixam Mega has an outstanding distribution network throughout Europe that includes more than 400 dealer partners. Aixam Mega operates two facilities in France, located in Aix-les-Bains and Chanas.
More information about Aixam Mega can be found at http://www.aixam.com.