May 01, 2019 - 4:02 PM
VALCOURT, Que. - Recreational products maker BRP Inc. says it has signed a deal to acquire a majority stake in Australia's largest manufacturer of aluminum boats and trailers.
The Quebec-based maker of Sea-Doos, Ski-Doos and marine watercraft will acquire 80 per cent of the shares of Telwater Pty Ltd. for an undisclosed price.
Telwater's current owner and managing director, Paul Phelan, will hold the remaining stake and continue to play an important role in operations.
BRP chief executive Jose Boisjoli says the company was attractive because of the opportunity to reinforce its presence in Australia and help the Quebec company become the leading global marine company.
Telwater will become part of the BRP Marine Group as an independent line, along with Evinrude, Alumacraft and Manitou brands.
It employs more than 270 people and has a network of around 180 dealers across Australia and Asia South Pacific.
The acquisition is subject to customary closing conditions, including regulatory approval, and is expected to be completed in the second quarter of BRP’s 2020 fiscal year.
Companies in this story: (TSX:DOO)
News from © The Canadian Press, 2019