Alumacraft, the St. Peter, Minn.-based maker of fishing and other boats, has been purchased by BRP, the Canadian maker of Ski-Doo snowmobiles and Evinrude motors, the companies said Thursday.
It said Alumacraft and Evinrude will be part of a newly formed marine group led by BRP executive Tracy Crocker.
The acquisition will allow BRP to leverage the combined strength and well-known brands of Alumacraft and Evinrude, a 110-year-old company.
"This acquisition is a first step for our newly formed Marine Group," said BRP CEO José Boisjoli. "In the short term, we plan to focus on network optimization to leverage the strengths of both product lines and gradually reinforce our presence in the industry ... we hope to eventually transform this industry and do for the marine business what we have done for the powersports business."
James Irwin, Alumacraft's president and a longtime executive at the firm, could not be reached Thursday. He is expected to continue with Alumacraft and report to Crocker. The company employs about 175 people at its factory in St. Peter.
The precise sale price was not disclosed but is less than $100 million, BRP said. The deal comes amid a broader consolidation in the recreational boat business.
RV maker Winnebago Industries is buying legendary boat maker Chris-Craft as it works to diversify its portfolio in the outdoors market. Winnebago — which is based in Forest City, Iowa, but has its executive offices in Eden Prairie — is the second manufacturer of recreational vehicles to buy a large boat company this year.
Medina-based Polaris Industries, one of the largest makers of all-terrain vehicles and snowmobiles, recently said it would spend $805 million to buy the pontoon boat business of Boat Holdings, based in Indiana.