BRP and Bryton Marine Group sign an agreement for the sale of Alumacraft
by BRP 1 Apr 16:23 PDT
BRP logo © BRP
BRP Inc. (TSX:DOO; NASDAQ:DOOO) and Bryton Marine Group today announced that they have entered into a definitive agreement whereby Bryton Marine Group, a family owned company with operations in Washington State and British Columbia, will be acquiring Alumacraft assets in St. Peter, Minnesota.
This transaction comes on the heels of BRP’s decision to sell its Marine businesses to double down on its core Powersports activities, enhancing its position for long-term success. It also underlines Bryton Marine Group's purpose to enrich local and maritime communities for future generations with market focused products.
"I am proud of the strong foundation we have built over the years for this iconic brand, and happy to have found the right buyer for Alumacraft. The family-owned Bryton Marine Group has been in business for decades and we believe that their core values and culture will enable Alumacraft employees to unlock the full potential of the business. We sincerely thank the employees for their dedication, and wish them the very best in this next journey," said José Boisjoli, President and CEO of BRP.
Bryton Marine Group is a diversified group of marine manufacturers specializing in aluminum boats reading from 17ft to 150ft. Their well known brands serve commercial, government, recreational sportfishing and adventure boat markets in North America. Bryton Marine Group saw an opportunity to complement its existing roster of renowned boat brands, as explained by Byron Bolton, CEO of Bryton Marine Group:
"We are thrilled to acquire the Alumacraft marine business from BRP. This expansion of our North American boat building brand footprint supports our growth and long term ownership objectives," said Bolton. "For more than 75 years, Alumacraft has been part of family memories. Its heritage is strong in the marine community and we can't wait to continue growing the brand worldwide. We look forward to welcoming to the Bryton family Alumacraft's talented employees and loyal dealers. They have been instrumental in building the brand's reputation for quality and innovation."
This transaction is expected to close by the end of BRP's first quarter. During this period, BRP and Bryton Marine Group will work in collaboration to ensure a smooth and successful transition for all parties involved.