VALCOURT, QC, Oct. 17,
2024 /PRNewswire/ - 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.
About BRP
BRP Inc. is a global leader in the world of
powersports products, propulsion systems and boats built on over 80
years of ingenuity and intensive consumer focus. Through its
portfolio of industry-leading and distinctive brands featuring
Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft and pontoons,
Can-Am on and off-road vehicles, Alumacraft and Quintrex boats,
Manitou pontoons and Rotax marine
propulsion systems as well as Rotax engines for karts and
recreational aircraft, BRP unlocks exhilarating adventures and
provides access to experiences across different playgrounds. The
Company completes its lines of products with a dedicated parts,
accessories and apparel portfolio to fully optimize the riding
experience. Committed to growing responsibly, BRP is developing
electric models for its existing product lines. Headquartered in
Quebec, Canada, BRP has annual
sales of CA$10.4 billion from over 130 countries and a global
workforce of close to 20,000 driven, resourceful people.
www.brp.com
@BRPNews
Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Alumacraft, Manitou, Quintrex, and the BRP logo are
trademarks of Bombardier Recreational Products Inc. or its
affiliates. All other trademarks are the property of their
respective owners.
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SOURCE BRP Inc.