June 5, 2018

Benington Pontoon Boat Polaris IndustriesBennington Pontoon boat, Courtesy of Polaris

According to Business Wire, on May 30, 2018 Polaris Industries Inc. (NYSE: PII) (“Polaris”) announced that it has signed a definitive agreement to acquire Boat Holdings, LLC (“Boat Holdings”), a boat manufacturer owned by the Vogel family, management and Balmoral Funds, in an all-cash transaction valued at a net present value (NPV) of approximately $805 million. Polaris also expects that approximately $100 million NPV of future net tax benefits will accrue to the combined Company. When adjusted for the net tax benefit of $100 million, the transaction is valued at approximately $705 million. The 2017 Boat Holdings EBITDA multiple including the expected net tax benefits is approximately 9.5 times. The transaction is expected to close in the third quarter of 2018 and is subject to customary closing conditions.

“We look forward to Boat Holdings’ best-in-class management team and skilled and experienced workforce joining the Polaris family. Together, we believe we can increase shareholder value driven by ongoing innovation and growth, as we further leverage their unique position within the large and growing boating industry.”

Boat Holdings is the largest manufacturer of pontoon boats in the U.S., 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. In 2017, Boat Holdings generated approximately $560 million in sales.

“Boat Holdings is renowned for innovation and quality and we are excited to have them become part of our portfolio of industry-leading powersports vehicles. This transaction epitomizes our disciplined growth strategy of entering attractive markets where we can establish and extend our leadership position. In addition to market share leadership, Boat Holdings expands Polaris’ footprint in the recreational outdoors market, commanding more of consumers’ discretionary spending. Our product lineup will offer options to be enjoyed on the roads, trails, sand, dirt, snow and water,” said Polaris Chairman and Chief Executive Officer Scott W. Wine. “With their passion to create premium products and experiences, Boat Holdings is a strong cultural fit with Polaris as well, sharing our commitment to quality, innovation, safety, flexibility and efficiency. Further, Boat Holdings’ long-term relationships with its national dealer network speaks to the brand’s strength with both dealers and consumers.”

“Over the past 20 years, Boat Holdings has established premier brands synonymous with innovation and quality through its broad portfolio of boats, unmatched dealer network and commitment to our customers. With similar cultures, both businesses share the same passion for product and people, which has driven both our and their long-term success. As a trailblazer in its own right, Polaris is the perfect partner as we look to drive continued expansion and growth in this attractive segment,” said Boat Holdings Chairman Steve Vogel.

Wine concluded: “We look forward to Boat Holdings’ best-in-class management team and skilled and experienced workforce joining the Polaris family. Together, we believe we can increase shareholder value driven by ongoing innovation and growth, as we further leverage their unique position within the large and growing boating industry.”

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2022 AMI Conference & Expo, Feb 1-3, 2022| Daytona Beach

 

Association of Marina IndustriesSave the date for the 2022 AMI Conference & Expo in Daytona Beach, FL on February 1-3, 2022. Plan ahead and book your room at the host hotel to receive your discounted rates!

The Association of Marina Industries Conference & Expo is THE leading marina and boatyard conference. It is geared specifically toward marina and boatyard owners; operators and managers; as well as dock masters, harbormasters, boat builders and repairers, and industry consultants. 

 

 

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Boating Industry Canada News Week

 

Every Tuesday we publish a fresh Digest with informative articles pertaining to the Canadian boating and marine industry. Stay up to date with the latest products, research and industry developments.

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The app is free to download and offers a rich experience that includes free up-to-date nautical charts from C-MAP®, personal waypoints, routes and tracks, latest marine weather, personalization and much more. 

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Raritan sanitation hose has impressive bend radius

Rariton Sanitation HoseBetween the odor and working in confined spaces, replacing an onboard sanitation line is never a pleasant job. With Sani/Flex Odor Shield Marine Hose from Raritan Engineering, the task can be completed quicker and with fewer expletives. Incredibly strong, it has class-leading flexibility.

The 1.5" version of Sani/Flex Odor Shield has a bend radius of 3.15". The 1" model has an impressive 1.97" rating. Combined with its suppleness, it's super-easy to snake the hose around the tightest corners.

 

 

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