“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.
Comments