Irish-American actor John Cusack recently completed a tour of Ireland on a Can-Am Spyder roadster. The star of such films as Runaway Jury, High Fidelity and Grosse Point Blank was in Ireland for his grandmother’s 80th birthday. After the celebrations, Cusack hopped on his Spyder and toured Ireland with his family, visiting places such as […]
BRP to go Public with IPO
Bombardier Recreational Products has filed a preliminary prospectus with the necessary securities regulatory bodies in Canada for a proposed initial public offering of subordinate voting shares. Should things go according to plan, non-controlling shares of the company will be available on the Toronto Stock Exchange. The Financial Post reports BRP hopes to raise CN$250 million (US$243 million).
BRP produces many different kinds of vehicles including snowmobiles, watercraft, ATVs, side-by-sides and the Can-Am Spyder Roadster (pictured above in the new ST-S version). The company controls several brands including Can-Am, Sea-Doo, Ski-Doo, and Rotax.
The proposed IPO will be made through several underwriters including BMO Capital Markets, RBC Capital Markets, UBS Securities Canada Inc. and Citigroup Global Markets Canada Inc.
BRP was previously a public company until 2003 when the company was acquired by three parties: the Bombardier family (with an estimated 35% share), the Québec government’s public pension plan manager Caisse de dépôt et placement du Québec (15%) and Bain Capital (50%). Yes, that Bain Capital, though the acquisition came after the company’s co-founder and chief executive officer Mitt Romney left to run the 2002 Winter Olympics.
The company’s existing owners will hold on to multiple-voting shares for the immediate future, though the Financial Post reports Bain Capital will eventually divest its stake of BRP.
[Source: BRP, Financial Post]