Telwater, Australia’s leading and largest manufacturer of aluminium boats and trailers, has agreed to sell 80% of its outstanding shares to Canadian company BRP.
The agreement will see Telwater join the BRP Marine Group as an independent product line, along with the Evinrude, Alumacraft and Manitou brands.
Telwater’s current owner and Managing Director, Paul Phelan will retain 20% of the company’s outstanding shares and continue to play an important role in the operations of the business.
He said the company was excited to start a new chapter of its 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,” Mr Phelan added.
“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.”
José Boisjoli, President and Chief Executive Officer of BRP, said the transaction will provide BRP with a valuable manufacturing footprint in Australia, allowing the company to increase and strengthen its position in the aluminium boat industry in regions with excellent growth potential.
“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,” Mr Boisjoli said.
“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.”