Minnesota-based Polaris Industries Inc. announced May 30 that it will acquire Boat Holdings LLC of Elkhart.
The all-cash transaction is valued at $805 million. Boat Holdings brands include Bennington, Godfrey Pontoon Boats, Hurricane and Rinker.
Boat Holdings is owned by the Vogel family.
Boat Holdings is the largest producer of pontoon boats in the U.S., one of the largest and fastest growing segments in the marine industry, according to Polaris. Boat Holdings generated approximately $560 million in sales in 2017.
“Boat Holdings is renowned for innovation and quality and we are excited to have them become part of our portfolio of industry-leading powersports vehicles,” said Scott Wine, Polaris chairman and CEO.
Wine said the purchase expands Polaris’ footprint in the recreational outdoors market.
“Our product lineup will offer options to be enjoyed on the roads, trails, sand, dirt, snow and water,” he said.
Polaris said the addition of Boat Holdings gives it better position in a growth market. The U.S. market for new powerboats is $8 billion and pontoon is one of the largest and fastest growing segments within the industry, the company said.
Polaris said sales in the pontoon boat category have grown at an 11-percent compounded annual growth rate since 2010.
The deal, which is subject to regulatory approval, is expected to close by the third quarter of this year.
