Polaris buys light duty vehicles manufacturer Aixam
A.M. Holding S.A.S. is privately-owned and operates under the name Aixam Mega S.A.S. The acquisition of Aixam Mega significantly strengthens Polaris' existing small vehicle portfolio, which includes GEM and Goupil vehicles, and enhances the profitability and growth potential of Polaris in the EMEA region.
"Aixam Mega is an excellent fit with Polaris and offers a unique opportunity for us to expand our small vehicle platform and accelerate international growth. Consistent with our recently announced plan to build a new manufacturing facility in Opole, Poland, the Aixam Mega business acquisition is indicative of our confidence in EMEA to be a contributor to Polaris' pursuit of productivity, innovation and growth," said Scott Wine, Polaris Chairman and CEO.
Aixam Mega designs, manufactures and sells both passenger and light duty commercial quadricycles under the Aixam and Mega brands. Aixam Mega's quadricycles are four-wheeled, on-road enclosed vehicles characterized by their light weight, low speed and ability, in many countries, to be operated without a full automobile driver's license.
Founded in 1983, the company has a history of strong financial performance and profitable growth, achieving approximately $110 million in sales last year through a distribution network of more than 400 European dealers. The Aixam brand offers a range of diesel-fueled and electric passenger quadricycles including sedan, SUV and sport styles. The Mega brand offers electric and diesel-fueled light duty commercial vehicles.
“We're excited about today's announcement and the opportunity to work with a leading global company like Polaris. Joining Polaris provides us with technology, expertise and resources to make continued investments in our business, while accelerating profitable growth through new customer opportunities,” said Philippe Colançon, Aixam Mega business unit President.
Terms of the transaction were not disclosed but it is expected to be slightly accretive to Polaris' earnings per share in 2013 after acquisition costs. ■