Minnesota-based Polaris Industries Inc. (NYSE: PII) has announced plans to acquire a pontoon boat manufacturer in Elkhart. The $805 million deal for Boat Holdings LLC is expected to close in the third quarter.
Polaris says Boat Holdings is the largest manufacturer of pontoon boats in the country and generated $560 million in sales in 2017. The company says when the acquisition is complete, Boat Holdings will operate as a Polaris subsidiary with its headquarters and manufacturing facilities remaining in Elkhart.
"This transaction epitomizes our disciplined growth strategy of entering attractive markets where we can establish and extend our leadership position," said Scott Wine, chief executive officer of Polaris. "In addition to market share leadership, Boat Holdings expands Polaris’ footprint in the recreational outdoors market, commanding more of consumers’ discretionary spending. 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."
Boat Holdings manufactures several brands of pontoon boats, including Bennington, Godfrey, Hurricane and Rinker. Though Polaris did not specifically state if any Boat Holdings jobs would be affected by the acquisition, Wine says his company looks forward to bringing the Boat Holdings workforce into the Polaris family.
The acquisition remains subject to customary closing conditions.