MEDINA, Minn. - Minnesota-based Polaris is expanding its base with the purchase of a company that builds high-end pontoons and boats.
The company, best known for making snowmobiles, ATVs and motorcycles announced the acquisition of Boat Holdings LLC, a privately held boat company that builds Bennington and Godfrey pontoons, and Rinker and Hurricane boats. The four brands offer over 200 base models across a range of price points and custom built options. In 2017, Boat Holdings generated approximately $560 million in sales.
The purchase is described as an all-cash transaction with a net present value of approximately $805 million.
“Boat Holdings expands Polaris’ footprint in the recreational outdoors market, commanding more of consumers’ discretionary spending. Our product lineup will offer options to be enjoyed on the roads, trails, sand, dirt, snow and water,” said Polaris Chairman and Chief Executive Officer Scott W. Wine. “With their passion to create premium products and experiences, Boat Holdings is a strong cultural fit with Polaris as well, sharing our commitment to quality, innovation, safety, flexibility and efficiency.”
Following the closing of the deal Boat Holdings will operate as a distinct business unit reporting to Bob Mack, president of Global Adjacent Markets and senior vice president of Corporate Development and Strategy at Polaris.
Boat Holdings will maintain its headquarters and manufacturing facilities in Elkhart, Indiana.
