Polaris Industries continued its expansion within the powersports market recently, acquiring Teton Outfitters, LLC, maker of KLIM Technical Riding Gear. Polaris has been buying up numerous brands and investing in various companies of late, some of the most notable being the 2011 purchases of Indian Motorcycles and Global Electric Motorcars, a $28 million-dollar investment in Brammo Inc., the Ashland, Oregon based EV manufacturer the same year, and the acquisition of swissauto Powersports in 2010. Polaris has enjoyed immense growth over the past few years, thanks in large part to skyrocketing UTV sales and contracts with the U.S. Military, both of which helped the brand enjoy record-breaking growth in 2011. Included below is the full press release issued by Polaris regarding the acquisition of KLIM. – MotoUSA Byron Wilson.
Polaris Industries Inc. (NYSE: PII) today announced the acquisition of Teton Outfitters, LLC, a privately owned, Rigby, Idaho-based company which designs, develops and distributes KLIM Technical Riding Gear. Calendar year 2012 sales for KLIM are anticipated to approach $30 million. KLIM is an industry leader in technical riding gear. This acquisition adds KLIM to Polaris’ growing parts, garments and accessories (PG&A) business. The terms of the transaction were not disclosed.
“The KLIM acquisition provides yet another growth opportunity for our PG&A business, a key contributor to Polaris’ top-line growth and profitability,” said Steve Eastman, Polaris’ vice president of PG&A. “KLIM is an established leader in the powersports apparel market with a strong track record of providing innovative, premium technical riding gear to a broad range of consumers. Adding an outstanding brand like KLIM, whose strengths complement our existing business, gives us a more complete PG&A product lineup, one which will flourish in the global market. We are excited to welcome KLIM employees into the Polaris family. With our common culture and vision, we believe this will be a mutually beneficial partnership for everyone involved.”
Polaris will maintain the KLIM brand positioning and name while continuing to drive its existing apparel brands. KLIM will continue operations in Rigby with its current staff. Polaris has plans to establish the Rigby facility as its new apparel Center of Excellence, bringing the unmatched capabilities, expertise and knowledge housed in Rigby to all Polaris branded apparel.
“I built KLIM with a passion for the category and a commitment to the world’s adventure snowmobile and motorcycle riders,” said Justin Summers, KLIM founder, president and CEO. “We had a vision of making products that mattered, that solved problems and that were the best they could be. I am very proud of what we have built at KLIM, and I am fired up that the next chapter of the KLIM story will be written through our exciting partnership with Polaris. KLIM will now have the resources to reach the next level as we continue to innovate and lead into the future.”
KLIM is known not only for superior quality, innovation and performance, but also for its understanding of riders’ needs and devotion to addressing them in its products. This passion underscores KLIM’s culture and vision, which in many ways mirror Polaris’ own guiding principles. KLIM was advised by The Meriwether Group.
KLIM’s Rigby facility and its business culture, are highlighted in this video.
Photos of select KLIM products and a slide summarizing KLIM’s business and its fit with Polaris are available here.
Polaris is a recognized leader in the powersports industry with annual 2011 sales of $2.7 billion. Polaris designs, engineers, manufactures and markets innovative, high quality off-road vehicles (ORVs), including all-terrain vehicles (ATVs) and the Polaris RANGER® side-by-side vehicles, snowmobiles, motorcycles and on-road electric/hybrid powered vehicles.
Polaris is among the global sales leaders for both snowmobiles and off-road vehicles and has established a presence in the heavyweight cruiser and touring motorcycle market with the Victory and Indian motorcycle brands. Additionally, Polaris continues to invest in the global on-road small electric/hybrid vehicle industry with Global Electric Motorcars (GEM) and Goupil Industrie SA, and internally developed vehicles. Polaris enhances the riding experience with a complete line of Pure Polaris apparel, accessories and parts, available at Polaris dealerships.
Polaris Industries Inc. trades on the New York Stock Exchange under the symbol “PII”, and the Company is included in the S&P Mid-Cap 400 stock price index. Information about the complete line of Polaris products, apparel and vehicles accessories are available from authorized Polaris dealers or anytime at www.polaris.com.
KLIM Technical Riding Gear is a global leader in designing, developing, sourcing and distributing the most advanced powersports apparel for the snowmobile and motorcycle rider. Utilizing the world’s highest technologies in waterproof, breathable, durable and comfortable materials, like GORE-TEX® products, KLIM offers gear for the most demanding riders. Driven by the continual feedback and input from dedicated test pilots and passionate customers, KLIM strives to do one thing above all – improve the riding experience without compromise. For more information, visit www.KLIM.com.