Minneapolis
- Polaris Industries 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," Steve Eastman, Polaris' vice president of PG&A,
said. "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," Justin
Summers, Klim founder, president and CEO, said. "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: http://www.youtube.com/watch?v=sDwmb6eO-g4.