Minneapolis, MN (4/20/2011) -
Polaris Industries Inc. (NYSE: PII) today
announced the acquisition of Indian Motorcycle.
The business was acquired from Indian Motorcycle
Limited (“IML”), a company advised
by Stellican Limited and Novator Partners
LLP, U.K. Private Equity firms. Terms of the
transaction were not disclosed.
“We are excited to be part of the revitalization
of a quintessentially American brand,”
said Scott Wine, CEO of Polaris Industries
Inc. “Indian built America’s first
motorcycle. With our technology and vision,
we are confident we will deliver the classic
Indian motorcycle, enhanced by the quality
and performance for which Polaris and Victory
are known.”
With this acquisition, Polaris adds one of
motorcycling’s legendary brands to its
strong stable of Victory cruiser and touring
bikes. Indian will operate as an autonomous
business unit, building upon the potent combination
of Polaris’ engineering acumen and innovative
technology with Indian’s premium brand,
iconic design and rich American heritage.
“We are delighted to have reached an
agreement with Polaris. Polaris will utilize
its well-known strengths in engineering, manufacturing,
and distribution to complete the mission we
undertook upon re-launching the brand in 2006:
harness the enormous potential of the Indian
brand,” said Stephen Julius, chairman
of Indian and managing director of Stellican.
“Polaris is the most logical owner of
Indian Motorcycle. Indian’s heritage
brand will allow Polaris to aggressively compete
across an expanded spectrum of the motorcycle
market.”
Novator Partners LLP is a London based alternative
investment firm founded and led by the investor
Mr. Thor Bjorgolfsson. An avid motorcycle
enthusiast, Mr. Bjorgolfsson said “After
a troubled past, our goal was to bring the
legendary Indian bikes back on the roads.
The initial phase of that project is done
and now our great partners at Polaris will
carry on the work to realize the full potential
of this classic American brand.”
About Polaris
With annual 2010 sales of $1.991 billion,
Polaris designs, engineers, manufactures and
markets off-road vehicles (ORVs), including
all-terrain vehicles (ATVs) and the Polaris
RANGER® Side X Side vehicles, snowmobiles
and Victory motorcycles for recreational and
utility use and has recently introduced a
new on-road electric powered neighborhood
vehicle.
Polaris is a recognized
leader in the snowmobile industry; and one
of the largest manufacturers of ORVs in the
world. Victory motorcycles, established in
1998 and representing the first all-new American-made
motorcycle from a major company in nearly
60 years, are making in-roads into the cruiser
and touring motorcycle marketplace. Polaris
also enhances the riding experience with a
complete line of Pure Polaris apparel, accessories
and parts, available at Polaris dealerships.
Polaris Industries Inc.
trades on the New York Stock Exchange under
the symbol “PII”, and the Company
is included in the S&P MidCap 400 stock
price index.
Information about the complete line of Polaris
products, apparel and vehicle accessories
are available from authorized Polaris dealers
or anytime from the Polaris homepage at www.polarisindustries.com.
About Indian Motorcycle
Founded in 1901, Indian was America’s
first motorcycle company, producing some of
the industry’s most iconic models and
becoming the world’s largest motorcycle
manufacturer. In recent years, Indian has
continued to produce these legendary motorcycles
on a smaller scale. The company’s instantly
recognizable badge is still associated with
premium products and strong American heritage
by casual consumers and motorcycle enthusiasts
alike. For more information on Indian, visit
www.Indianmotorcycle.com
About Stellican
Stellican is a U.K. Private Equity firm specializing
in the purchase, turnaround and re-launch
of iconic, heritage brands which have gone
bankrupt. In the last ten years, Stellican
has been particularly active in the power
sport industry. It currently advises funds
which own Chris-Craft Corporation, a premium
boat and yacht builder based in Sarasota,
Florida, which it acquired in 2001. See www.chriscraft.com.
Previously, Stellican advised funds which
owned Riva boats in Italy. Contact information:
Stephen Julius at sjulius@stellican.com
or www.stellican.com
or 941-3029585.
About Novator
Novator is an alternative investment firm
founded and led by the international investor
and entrepreneur Björgólfur Thor
Björgólfsson. Novator's investment
portfolio is focused around following sectors:
Telecommunications, Pharmaceuticals, IT and
Renewable Energy. In addition, Novator operates
a Private Equity Fund and a Credit Opportunities
Fund.