BRP Principal Shareholder Bain Plans Secondary Offering of Shares
By Robb M. Stewart
Bain Capital is loosing its grip on snowmobile and watercraft maker BRP with plans to sell roughly 182 million Canadian dollars ($135.5 million) worth of voting shares.
BRP and Bain Capital said Monday they entered an agreement that will see RBC Capital Markets buy 2 million subordinate voting shares of BRP at a public price of C$91 each.
When the offering closes, Bain will own about 18% of BRP's multiple voting share and roughly 30% of the voting power attached to the shares, compared with almost 21% of the shares and 33% of the voting control currently.
BRP, whose portfolio includes Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft and Can-Am on and off-road vehicles, won't receive any proceeds from the offering, which is expected to close on or about Friday.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
January 22, 2024 17:14 ET (22:14 GMT)
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