Minneapolis, MN (11/13/2014) - Polaris Industries Inc. (NYSE: PII) today announced the acquisition of certain assets of LSI Products Inc. and Armor Holdings, LLC, privately-held Riverside, Calif.-based companies that design, develop, manufacture, source, sell and distribute accessories for performance side-by-side vehicles and ATV markets under the Pro Armor brand. This acquisition adds Pro Armor to Polaris' growing parts, garments and accessories (PG&A) business. The terms of the transaction were not disclosed.
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A brief overview of the Pro Armor business & its strategic fit with Polaris Industries Inc |
"The acquisition of Pro Armor adds another industry-leading brand to our growing stable of PG&A aftermarket brands, a key contributor to Polaris' growth and profitability," said Steve Eastman, Polaris' vice president of PG&A. "Pro Armor is a leading brand in performance side-by-side accessories with a relentless commitment to innovation, style, performance and quality. The addition of Pro Armor to Polaris' aftermarket brand portfolio allows us to extend our channel and customer reach in the performance side-by-side and ATV markets. Our common culture and shared passion for the Powersports industry and consumer will create an exciting platform for continued innovation and accelerated growth."
Pro Armor will continue to operate as a distinct brand and the operations will remain in Riverside. Both Polaris and Pro Armor will continue to develop independent product plans while leveraging development, sourcing and distribution capabilities.
"Both Pro Armor and Polaris are driven by a high degree of passion and determination to develop the best customer-focused product solutions in the industry," said Alex Danze, President and CEO, Pro Armor. "Pro Armor's success is built on an intimate understanding of the rider and we look forward to becoming a part of the Polaris family where we can take our market leadership and customer relationships to the next level."
About Polaris
Polaris is a recognized leader in the powersports industry with annual 2013 sales of $3.8 billion. Polaris designs, engineers, manufactures and markets innovative, high quality off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER(r) and RZR(r) side-by-side vehicles, snowmobiles, motorcycles and on-road electric/hybrid powered vehicles.
Polaris is among the global sales leaders for both snowmobiles and off-road vehicles and has established a presence in the heavyweight cruiser and touring motorcycle market with the Victory and Indian Motorcycle brands. Additionally, Polaris continues to invest in the global on-road small electric/hybrid powered vehicle industry with Global Electric Motorcars (GEM), Goupil Industrie SA, Aixam Mega S.A.S., and internally developed vehicles. Polaris enhances the riding experience with a complete line of Polaris Engineered parts, accessories and apparel, Klim branded apparel and ORV accessories under the Kolpin and Cycle Country brands.
Polaris Industries Inc. trades on the New York Stock Exchange under the symbol "PII," and the Company is included in the S&P Mid-Cap 400 stock price index.
About Pro Armor
Pro Armor is a leading aftermarket brand for performance side-by-side and ATV accessories. Founded in 1995, Pro Armor designs, develops, manufactures and distributes quality, innovative side-by-side and ATV accessories for various OEM brand vehicles. Key products include doors, aluminum bumpers, seats, roofs and harnesses.
The Pro Armor name is a reflection of the durability and strength that goes into every product produced. Built by a powersports enthusiast, Pro Armor has a strong reputation with consumers due to its keen understanding of what fuels the passion of riders. Pro Armor has always tested and raced the parts it develops and sells to the public.
Racing has been an integral part of Pro Armor's business and continues to play a very important role the innovative and durable products developed. National Championships have been won almost every year since Pro Armor started with names like Joe Byrd, Dustin Wimmer, Bill Ballance all running the brand's products.
