BRP enters into an agreement to acquire aluminium boat manufacturer Telwater

BRP has entered into a definitive agreement to acquire a majority stake in Australia's leading manufacturer of aluminium boats. BRP will acquire 80% of the outstanding shares of Telwater Pty, Ltd for an undisclosed amount. Following the closing of the acquisition, Paul Phelan, Telwater's current owner and Managing Director, will retain 20% of the company's outstanding shares and continue to play an important role in the operations.

Paul Phelan said: "We are excited to start this new chapter of our journey by joining forces with a global leader like BRP. This acquisition means we can continue our growth here and abroad, and leverage BRP's know-how and capacity to constantly innovate.”

"Our local knowledge and expertise will be put to good use by BRP's Marine Group and we are looking forward to being part of the BRP family."

The acquisition is expected to be completed in the second quarter of BRP's fiscal year 2020.

"Telwater was especially attractive to us because of our strong existing relationship with them and the passionate people in Coomera, representing a great opportunity to reinforce our presence in Australia," said José Boisjoli, President and Chief Executive Officer of BRP.

‘'This is one more piece of the puzzle in our strategy to transform the marine industry and a chance for us to further our goal of becoming a leading global marine company by investing in the current leader in this region," added Mr. Boisjoli.

Telwater will join the BRP Marine Group as an independent product line, along with the Evinrude, Alumacraft and Manitou brands. This will help BRP to strengthen its position in the aluminium boat industry in regions with excellent growth potential.