Exhibit 99.1
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PRESS RELEASE |
BRP Launches Process for the Sale of its Marine Businesses
Valcourt, Quebec, October 17, 2024 –
BRP Inc. (TSX : DOO; NASDAQ : DOOO) today announced that it is initiating a process for the sale of its Marine businesses namely
Alumacraft, Manitou, Telwater (Quintrex, Stacer, Savage and Yellowfin), and Marine parts, accessories and apparel. This process excludes all activities related to its Sea-Doo personal watercraft, Sea-Doo Switch pontoons and jet propulsion systems.
In light of the challenging economic context, BRP has
decided to channel its efforts and investments towards its Powersports Year-Round Products, Seasonal Products, Parts, Accessories and Apparel portfolio, as well as its Original Equipment Manufacturer (OEM) Engine business.
“After careful consideration and given the current dynamics of both the Marine and Powersports industries, we have decided to double down on our
core Powersports activities and to sell our Marine businesses,” said José Boisjoli, President and CEO of BRP. “Over the past few years, we have built a solid foundation by investing in the development of innovative Marine products
and upgrading the production facilities. As such, we believe that these iconic brands can offer attractive value creation opportunities for a new owner.”
BRP’s objective is to solidify its position as a leading global Powersports OEM. The Company is confident that this decision will enable it to
capitalize on growth opportunities within the Powersports industry and improve its margin profile, thereby enhancing its position for long-term success.
Given that BRP expects this process to be completed in the first quarter of Fiscal Year 2026, it does not anticipate any impacts on its current Fiscal
Year 2025 guidance and will not provide comments on the progress of the process.
BRP has retained National Bank Financial Inc. to assist with the
sale process.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements in this press release, including, but not limited to, statements relating to the process initiated for the sale of its Marine
businesses, the businesses that are included or not as part of that process, the expected timeline for completion, the potential outcomes of that process and expectation of what it can offer to a new buyer, the expected impact on the Company’s
core Powersports activities, including on its ability to solidify its position, focus on growth opportunities and improve margin, and lack of impact anticipated on its Fiscal Year 2025 financial guidance, and other statements that are not historical
facts constitute forward-looking statements within the meaning of Canadian and United States securities laws. The words “may”, “will”, “would”, “should”, “could”, “expects”,
“forecasts”, “plans”, “intends”, “trends”, “indications”, “anticipates”, “believes”, “estimates”, “outlook”, “predicts”, “projects”,
“likely” or “potential” or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. Forward-looking statements, by their very nature, involve
inherent risks and uncertainties and are based on a number of assumptions, both general and specific. BRP cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time
they were made, subject to greater uncertainty. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance of BRP to
be materially different from the outlook or any future results or performance implied by such statements. Further details and descriptions of these and other factors are disclosed in BRP’s MD&A for the fiscal year ended on January 31, 2024
and in other continuous disclosure materials filed from time to time with Canadian securities regulatory authorities and the Securities and Exchange Commission.
