Minneapolis - Polaris Industries Inc. 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," Scott
Wine, Polaris Chairman and CEO, said. "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.
