BRP To Acquire Telwater
BRP has announced that it has entered into a definitive agreement to acquire 80% of the outstanding shares of Telwater Pty Ltd, one of Australia’s largest manufacturers of aluminum boats and trailers.
Following the closing of the contemplated acquisition, Paul Phelan, Telwater’s current owner and Managing Director, will continue to play an important role in the operations of the business and will hold 20% of the company’s outstanding shares.
Once the intended acquisition is completed, Telwater will join the BRP Marine Group as an independent product line, along with the Evinrude, Alumacraft and Manitou brands. This will allow BRP to increase and strengthen its position in the aluminum boat industry in regions with excellent growth potential. Having this manufacturing footprint in Australia will give BRP additional options for supporting other product lines in the future.
The acquisition remains subject to certain customary closing conditions, including regulatory approval, and is expected to be completed in the second quarter of BRP's fiscal year 2020.