“The combination of Dorman and SuperATV is extremely exciting. Lindsay Hunt, SuperATV’s President and Chief Executive Officer, commented: We are excited to welcome SuperATV to the Dorman family and are excited about the value the combined company will generate for our customers and shareholders.” As a result, we are con?dent we can leverage Dorman’s playbook to further accelerate growth. Not only is SuperATV a leader in their space with an extensive portfolio of widely recognized brands and proprietary products, but they also have a highly successful approach to new product innovation that aligns closely with Dorman’s business model. “This combination aligns with our strategy to diversify our customer base and product offering by providing a compelling entry point to the large and rapidly growing powersports industry. Kevin Olsen, Dorman’s President and Chief Executive Officer, commented: SuperATV’s recognized reputation for quality and innovation has cultivated a passionate and loyal customer base within the powersports community. SuperATV’s omni-channel approach, which combines a leading direct-to-consumer platform and relationships across a network of 3,500+ dealers and installers, enables customers to have access to the products they need wherever and whenever they choose to shop. The combined company is expected to be a best-in-class powersports aftermarket platform with vertically integrated development, manufacturing and fulfillment capabilities.
Additionally, Dorman anticipates significant opportunities to catalyze incremental growth via new product innovation through its “New to the Aftermarket” engine. Dorman expects the acquisition of SuperATV to be immediately accretive to margins and adjusted EPS, excluding one-time charges and acquisition-related intangible assets amortization. SuperATV generated $211 million in net sales in fiscal 2021. SuperATV represents a unique opportunity to leverage Dorman’s “New to the Aftermarket” engine in a highly attractive and rapidly growing adjacent market, consistent with Dorman’s strategic priorities. SuperATV is a leading independent supplier to the powersports aftermarket with a family of highly respected brands spanning functional accessories and upgrades, as well as replacement parts for specialty vehicles. The transaction is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to close in the second half of 2022. When adjusted for approximately $45 million present value of estimated tax benefits, the transaction value before earn-out is $445 million.
#Freedom powersports plus
(the “Company” or “Dorman”) (NASDAQ:DORM), a leading supplier in the motor vehicle aftermarket industry, today announced that it has entered into a definitive agreement to acquire Super ATV, LLC (“SuperATV”), for $490 million in cash at closing, plus an earn-out of up to $100 million in the aggregate payable over a two-year period subject to certain performance targets being achieved in 20. 18, 2022 (GLOBE NEWSWIRE) - Dorman Products, Inc.
In connection with the transaction, Dorman expects to obtain a $500 million incremental credit facility under the terms of its existing credit agreement.ĬOLMAR, Pa., Aug.The transaction is expected to be immediately accretive to margins and adjusted diluted earnings per share (“adjusted EPS”), excluding one-time charges and acquisition-related intangible assets amortization.SuperATV provides Dorman with a new growth platform by adding a leading independent supplier of aftermarket parts and accessories to the powersports industry who has a track record of growth fueled by new product innovation.Adjusted for estimated tax benefits, the transaction value before earn-out is approximately $445 million. Dorman Products to acquire SuperATV for $490 million in cash at closing, plus a two-year earn-out of up to $100 million in the aggregate based on achievement of 20 performance targets.
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