Polaris Acquires Indian® Motorcycle
Polaris brings world-class engineering, manufacturing and distribution to Indian’s rich American heritage and historic brand
MINNEAPOLIS (April 19, 2011) — Polaris Industries Inc. (NYSE: PII) today announced the acquisition of Indian Motorcycle.
The business was acquired from Indian Motorcycle Limited (“IML”), a company advised by Stellican Limited and Novator Partners LLP, U.K. Private Equity firms. Terms of the transaction were not disclosed.
“We are excited to be part of the revitalization of a quintessentially American brand,” said Scott Wine, CEO of Polaris Industries Inc.
“Indian built America’s first motorcycle. With our technology and vision, we are confident we will deliver the classic Indian motorcycle, enhanced by the quality and performance for which Polaris and Victory are known.”
With this acquisition, Polaris adds one of motorcycling’s legendary brands to its strong stable of Victory cruiser and touring bikes.
Indian will operate as an autonomous business unit, building upon the potent combination of Polaris’ engineering acumen and innovative technology with Indian’s premium brand, iconic design and rich American heritage.
“We are delighted to have reached an agreement with Polaris. Polaris will utilize its well-known strengths in engineering, manufacturing, and distribution to complete the mission we undertook upon re-launching the brand in 2006: harness the enormous potential of the Indian brand,” said Stephen Julius, chairman of Indian and managing director of Stellican.
“Polaris is the most logical owner of Indian Motorcycle. Indian’s heritage brand will allow Polaris to aggressively compete across an expanded spectrum of the motorcycle market.”
Novator Partners LLP is a London based alternative investment firm founded and led by the investor Mr. Thor Bjorgolfsson. An avid motorcycle enthusiast, Mr. Bjorgolfsson said “After a troubled past, our goal was to bring the legendary Indian bikes back on the roads.
The initial phase of that project is done and now our great partners at Polaris will carry on the work to realize the full potential of this classic American brand.”
With annual 2010 sales of $1.991 billion, Polaris designs, engineers, manufactures and markets off-road vehicles (ORVs), including all-terrain vehicles (ATVs) and the Polaris RANGER® Side X Side vehicles, snowmobiles and Victory motorcycles for recreational and utility use and has recently introduced a new on-road electric powered neighborhood vehicle.
Polaris is a recognized leader in the snowmobile industry; and one of the largest manufacturers of ORVs in the world. Victory motorcycles, established in 1998 and representing the first all-new American-made motorcycle from a major company in nearly 60 years, are making in-roads into the cruiser and touring motorcycle marketplace. Polaris also enhances the riding experience with a complete line of Pure Polaris apparel, accessories and parts, available at Polaris dealerships.
Polaris Industries Inc. trades on the New York Stock Exchange under the symbol “PII”, and the Company is included in the S&P MidCap 400 stock price index.
Information about the complete line of Polaris products, apparel and vehicle accessories are available from authorized Polaris dealers or anytime from the Polaris homepage at www.polarisindustries.com.
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