M&A Deal Summary

Polaris Acquires Bennington Marine

On May 1, 2018, Polaris acquired marine company Bennington Marine from Balmoral Funds

Acquisition Highlights
  • This is Polaris’ 1st transaction in the Marine sector.
  • This is Polaris’ 13th transaction in the United States.
  • This is Polaris’ 1st transaction in Indiana.

M&A Deal Summary
Date 2018-05-01
Target Bennington Marine
Sector Marine
Buyer(s) Polaris
Sellers(s) Balmoral Funds
Deal Type Add-on Acquisition

Target

Bennington Marine

Elkhart, Indiana, United States
Bennington Marine is a manufacturer of pontoon boats. Bennington Marine is based in Elkhart, Indiana.

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Buyer(S) 1

Buyer

Polaris

Medina, Minnesota, United States
Category Company
Founded 1954
Sector Automotive
Employees18,500
Revenue 8.9B USD (2023)
DESCRIPTION
Polaris' corporate headquarters in Medina, Minnesota.
Polaris' corporate headquarters in Medina, Minnesota.

Polaris designs, engineers, manufactures and markets off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER and RZR side-by-side vehicles, snowmobiles, motorcycles and on-road electric/hybrid powered vehicles. Polaris was founded in 1954 and is based in Medina, Minnesota.

DEAL STATS #
Overall 16 of 19
Sector (Marine) 1 of 1
Type (Add-on Acquisition) 15 of 17
State (Indiana) 1 of 2
Country (United States) 13 of 16
Year (2018) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-16 Brammo

Talent, Oregon, United States

Brammo, Inc. is an electric vehicle technology company designs and develops electric vehicles including the award winning Enertia and Empulse motorcycles. Brammo is an OEM supplier of its innovative Brammo Digital Drivetrain systems including the Brammo Power battery pack and Brammo Power vehicle management system. Brammo has vehicle distribution and marketing operations in North America, South America, Europe, and Asia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-30 Boat Holdings

Elkhart, Indiana, United States

Boat Holdings LLC is the largest manufacturer of major boats under the brands Bennington, Godfrey Pontoon Boats, Hurricane and Rinker. Company is one of the largest and fastest growing segments in the marine industry. With a full offering of pontoon, deck and cruiser boats, Boat Holdings’ four recognized brands – Bennington, Godfrey, Hurricane and Rinker – are strategically positioned with over 200 base models across a range of price points and fully-custom built options. Boat Holdings leverages an asset-light manufacturing model, and offers boats through a robust network of dealers primarily in the United States and Canada.

Buy $805M

Seller(S) 1

SELLER

Balmoral Funds

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 200M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Balmoral Funds is a private equity firm which targets recapitalizations, special situations, and acquisitions of small and middle-market companies. Typical investment candidates are located in the US or Canada, undergoing operational challenges with up to $400 million of revenue. Sectors of interest include manufacturing, business services, consumer products, retail, and value-added distribution. The Firm's target investment size is $5 to $40 million. Balmoral Funds was established in 2005 and is based in Los Angeles, California.

DEAL STATS #
Overall 5 of 8
Sector (Marine) 1 of 1
Type (Add-on Acquisition) 3 of 4
State (Indiana) 1 of 1
Country (United States) 5 of 8
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-11 Concurrent Manufacturing Solutions

Hialeah, Florida, United States

Concurrent Manufacturing Solutions is a vertically integrated contract electronic manufacturer, providing a range of manufacturing and assembly services. Concurrent operates facilities in the U.S. and Mexico and serves a diverse range of customers within the telecommunications, industrial, energy, defense and aerospace markets. Concurrent Manufacturing Solutions is based in Hialeah, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-16 VESTA Modular

Southfield, Michigan, United States

VESTA Modular is a provider of temporary and permanent modular space solutions across a diverse base of end markets and applications. VESTA Modular operates two divisions modular space leasing whereby it leases units from its owned fleet of over 6,000 units to customers across a range of end markets and modular project installation whereby it facilitates the design, construction, and installation of modular spaces.VESTA Modular was founded in 2014 and is based in Southfield, Michigan.

Buy -
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