Polaris Industries plans to acquire Boat Holdings, owner of the Bennington, Godfrey, Hurricane and Rinker brands. The company expects to pay about US$805m in cash. Polaris says it expects about US$100m in net tax benefits. The transaction is valued at about US$705m.
Boat Holdings is the largest manufacturer of pontoon boats in the US. The combined brands have over 200 base models of pontoon boats, bowrlders and cruisers. Boat Holdings had US$560m in sales last year.
“In addition to market share leadership, 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 Scott Wine, Polaris chairman and CEO, calling Boat Holdings a "strong cultural fit".
Polaris was once a main brand in the personal watercraft sector, but exited the market in 2004.