Here are a few stories that came across my desk that I think are relevant and interesting to the powersports business community.
1 – Recruiting firm adds industry veteran to executive lineup – From Powersports Business
Dublin, Ohio-based V20 Recruiting + Consulting announced that powersports industry veteran Chris Hayes has joined the team.
Hayes will be using his vast experience in the industry to match the best talent with V20 client operations.
“Chris joins V20 at a time of unprecedented growth and opportunity. The powersports industry has proven recently that the need for V20 to continue to grow and expand exists,” said Doug Sexton, V20 Recruiting president. “There is and will continue to be a formidable ‘War for Talent.’ Those organizations that want to continue to win or start to win are focusing on their number one asset – people.”
Hayes started his career at a Yamaha dealership and then moved to Yamaha Motor USA in the 1980s. Over the years, he has been an entrepreneur and brand creator with Specialty Sports Limited. Additionally, he served in leadership roles at Wolverine Worldwide with Harley Davidson Footwear and at Motorsports Aftermarket Group, leading the Accessories Group’s sales and customer service teams. More recently, Hayes has been involved in several consulting roles for V20 clients and others.
“Immediately following his recent participation in the Colorado 500, Chris started his work with V20 Recruiting,” Sexton said. “I am incredibly excited to have Chris join our team. His wealth of knowledge about and passion for the industry is fantastic. It’s a great fit and I look forward to many years of working along with Chris.”
“It’s a privilege to join Doug and the team at V20. Participating in the industry from a service perspective is certainly a new challenge for me, but a welcomed one. I’m excited about what I will learn and to leverage my experience to deliver for our clients,” Hayes said.
“The V20 firm has been focused on the marine, powersports and RV industries for 16 years now,” Sexton said. “The addition of outdoor power equipment and firearms are great additions to the industries we serve. Whether it’s companies that are involved in the woods, the water, or our roadway/trail systems, V20 can cover their needs.”
2 – Zero Motorcycles Announces the Closing of a New $107 Million Round of Financing – From Zero Motorcycles, Inc.
Proceeds to fund the scaling of its global operations and the introduction of new models
Investors include Polaris, Exor, Hero MotoCorp, long-time backer Invus, and others. – Additional closing anticipated by year end
Zero Motorcycles, the global leader in electric motorcycles and powertrains today announced the completion of a new $107 million round of financing. The financing saw participation from strategic partners Polaris, Exor and Hero MotoCorp and financial investors including long-time backer Invus and other undisclosed investors.
“Since its launch in a Santa Cruz garage, Zero has defined the category of premium electric motorcycles and powertrains. Zero has sold over 20,000 vehicles that have accumulated over 165,000,000 miles of on-road and off-road experience. Zero has refined the most advanced powertrain technology between e-bicycles and cars driven by its Cypher III operating system. The company has also built an innovative, global brand that is highly respected in the industry,” said Sam Paschel, Chief Executive Officer of Zero Motorcycles. “This financing will fund the global scaling of our operations and sales and the development of additional new models to continue driving our rapid growth. We welcome our strategic partners and new investors to our syndicate and are grateful to Invus for their steadfast support and commitment to Zero’s vision and mission.”
Zero’s business strategy relies on three key pillars: consumer motorcycles where Zero carries a broad line of on-road, adventure sport and dual sports motorcycles, fleet sales where Zero is present in over 200 police departments and authority fleets, and powertrains where Zero technology contributes to the electrification of industry-leading applications by its partners.
With this round of financing, Zero Motorcycles has raised in excess of $450M of capital and will bring the cumulative capital raise to above $500M with an anticipated additional closing by year end. Zero Motorcycles has all the necessary resources to continue pushing the boundaries of two-wheeled EV’s and electric powertrains and leading the transformation of the motorcycle and powersports industry through electrification.
About Zero Motorcycles
Zero Motorcycles is the global leader in electric motorcycles and powertrains. Designed and crafted in California, Zero Motorcycles combines Silicon Valley technology with traditional motorcycle soul to elevate the motorcycling experience for forward-thinking riders around the world.
3 – Western Power Sports Named Exclusive U.S. Distributor of Yoshimura Products – From Yoshimura Research and Development of America
Western Power Sports (WPS), a nationwide distributor of powersports industry brands and products, announced that it has entered into an exclusive agreement with Yoshimura R&D of America, Inc., a premium aftermarket exhaust systems company to become the sole distributor of Yoshimura products in the United States, effective October 1, 2022.
The agreement expands on a collaboration that began in 2017 and underscores the companies’ commitment to uncompromising quality and service standards. WPS dealers nationwide will gain exclusive, first-to-market access to Yoshimura’s exceptional line of high-performance mufflers and exhaust systems and accessories for street and off-road motorcycles, as well as select ATVs and UTVs.
“WPS is proud of the strong relationship we developed with Yoshimura over the past five years,” said Steve Lester, president, WPS. “Our two companies share a single-minded vision and passion for powersports. Through this alignment, WPS has earned Yoshimura’s trust. Being awarded the exclusive rights to distribute Yoshimura products in the U.S. is a responsibility we do not take lightly and are honored to take on.
“The exclusive distribution of Yoshimura’s superior products through WPS’ reliable dealer network and passionate powersports sales force is the next step in growing this partnership and will allow us to succeed together for years to come,” Lester continued.
The WPS dealer network is well acquainted with Yoshimura’s outstanding, technologically advanced product lines. Its Signature Series exhaust systems cover the entire powersports spectrum, while its Race Series systems are for closed course competition. All feature innovative design elements, high-quality materials and craftsmanship for which the legacy brand is known.
“We are excited to announce that WPS is now the exclusive U.S. distributor for Yoshimura products,” said Yusaku Yoshimura, president, Yoshimura R&D of America. “Our relationship with them has exceeded our expectations over the past several years and we are sure this new endeavor will make our partnership even stronger.
“We trust in the WPS team’s invaluable industry experience, extensive resources, and most importantly, their passion for powersports. We believe this decision will help us to better service dealers and end users moving into the future,” Yoshimura said.
About Western Power Sports
Based in Boise, Idaho, Western Power Sports (WPS) was incorporated in 1960 and distributes over 150,000 products that include off-road and street motorcycle, ATV, snowmobile, and watercraft parts and accessories to thousands of dealers nationwide. WPS joined Arrowhead Engineered Products in January 2022. WPS is currently the fastest growing nationwide delivery system of powersports industry products and delivers these products through its regional warehouse network, with locations in Idaho, California, Georgia, Pennsylvania, Indiana, and Texas. WPS strives to bring powersports dealers the best in service, product, and delivery—a formula that’s proven very successful over the last 62 years.
About Yoshimura
Yoshimura is renowned for its Research and Development. But producing the finest exhaust systems in the world requires more than a big R&D department. Yoshimura is the leading manufacturer of exhaust systems because our commitment to R&D is matched by our dedication to uncompromising quality standards and our expertise in manufacturing pipes that meet those standards.
4 – Tucker Powersports Expands E-Power Portfolio with Five New Segway Products – From Tucker Powersports
Tucker Powersports, a leader in electric powered adventure products, added several new products from Segway to its E-Power portfolio. The products include a moped/electric bike, a scooter, updated versions of the original Segway device for both adults and children and a go kart.
“Our partnership with Segway gives us access to a wonderful range of products for both kids and adults” said Jamie Kempinski, Tucker’s Director of Business Development. “Early orders from dealers indicate that they are extremely excited to have these units in their dealerships.”
Segway’s iconic self-balancing, stand-up device now has a simple, cool look. For adults, the S Max features two brushless, DC hub motors, an air-cooled battery pack, LED lights, an adjustable control bar and adjustable speed controls. The S Max integrates with a mobile app which assists with rider training, adjusting the LED lights, and monitoring battery and mileage. Suggested retail price is $1199.99.
Kids get a unit that’s just as fun, the S Kids version comes with three different riding modes, non-slip, maintenance-free tires, LED lights, and it also integrates with a mobile app. Control is as easy as a nudge of the right or left knee on the control pad. Most kids learn to ride in about three minutes with the aid of the mobile app. The S Kids will travel eight miles at up to 8.7 MPH. Suggested retail price is $499.99.
An equally fun approach for kids is the eKickscooter Zing A6, which features three different riding speeds, lights, a rear brake, and thermo plastic rubber grips. It’s lightweight, easy to disassemble for transport and has a range of over three miles. Suggested retail price is $199.99.
For customers interested in making their commute more fun, Tucker offers a moped-styled Class 2 e-bike called, appropriately, the eMoped C-80. It’s available in four colors and comes with an intelligent management system that includes functions like Airlock System, NFC Tag, Smart Seat Detection and Auto-Lock mode. Its small size makes it perfect for travel to an office or home and it’s compact, so it fits in an elevator. It also has a removable battery that can be swapped for one that’s fully charged. The eMoped’s range of 47 miles easily covers the distance of a typical commute. Suggested retail price is $2499.99.
Also new to the Tucker offering from Segway is the Go-Kart Pro, an electric powered cart with four driving modes which makes it appropriate for beginners to professionals. Designed in partnership with a professional go kart racer, the vehicle has a custom high-end, brushless motor with pure copper coil, low internal resistance, reduced heat generation and electricity loss. It comes equipped with special drifting TPE tires. Drivers can choose from four driving modes: Safety, Regular, Sports and Race. Suggested retail price is $2299.99.
Tucker’s new offerings from Segway, as well as the other exciting E-Power products are now available at Tucker dealers around the United States.
ABOUT TUCKER POWERSPORTS
Featuring the most powerful portfolio of parts, accessories and apparel brands in the powersports industry,Tucker distributes top brands and offers its own brands, including Answer, Biker’s Choice, BikeMaster, Bully Locks, CoverMax, DragonFire Racing, FirstGear, Kuryakyn, ProTaper/ProTaper Sport, QuadBoss, Speed and Strength, and TwinPower.
ABOUT SEGWAY/NINEBOT
Ninebot is a privately held company headquartered in Beijing, China. In April of 2015 Ninebot acquired Segway Inc., headquartered in Bedford, New Hampshire. The combined companies focus is on the research and development, design, manufacturing, distribution and sales of short-distance transportation products.
5 – Arai Helmet turns to Parts Unlimited, Drag Specialties for distribution – From Powersports Business
Arai Helmet and LeMans Corporation are thrilled to announce a new partnership for distribution in the United States. The new partnership between these two legendary companies will now provide Arai world class, hand-crafted helmets and Arai genuine parts and accessories to dealers and to their customers across the country through their Parts Unlimited and Drag Specialties distribution operations.
Arai is a small, family-owned company driven by the same mission through three generations—three generations of riders. The staff at Arai are motorcycle enthusiasts. They ride and build each Arai helmet as if they were creating it for themselves or one of their own family. Arai’s mission has always been the protection and comfort of every person who chooses an Arai helmet. Our foundational principles of protection first, exceptional quality, and rider comfort have never been forgotten in over seven decades of helmet design and manufacturing.
“In the early 1950s, there was a rider who made the first motorcycle helmet in Japan for his own protection. During this time, not only were there no helmet standards, but there were also no motorcycle helmets in the market yet. Over time, others recognized the value of this man’s creation and asked him to make helmets for them, and thus the ARAI company was founded. As it has been owned by the same family ever since, the protection still means more for Arai than the requirements by the standards. The helmets we make have many benefits and features riders can see and enjoy, but the true value of Arai is hidden in the complex internal construction invisible to the naked eye. This re-quires ongoing education and support to convey the Arai difference. I believe that the focus Parts Unlimited and Drag Specialties have on dealer service is what Arai dealers and customers need.” – Michio Arai, Owner and CEO, Arai Helmet, Ltd. and son of the founder of Arai Helmet, Ltd.
“As I consider the long-term future of Arai, I believe we have found a strong partner in LeMans Corporation. The strength of Parts Unlimited and Drag Specialties, combined with their focus on dealer service, is what Arai needs to reach more consumers looking for the opportunity to experience the Arai difference firsthand.” – Akihito Arai, Vice President, Arai Helmet, Ltd. and grandson of the founder of Arai Helmet, Ltd.
LeMans Corporation, through their Parts Unlimited and Drag Specialties companies, is the world’s largest privately held distributor of aftermarket accessories in the powersports industry. Headquartered in Janesville, Wisconsin, Parts Unlimited & Drag Specialties sell to powersports dealerships throughout the U.S. LeMans is committed to bringing the best quality parts and fast, friendly service that both dealers and consumers can count on, with warehouses and inventory positioned strategically across the country.
“We are very excited to announce this new partnership with LeMans for distribution in the US,” said Brian Weston, Managing Director for Arai Helmet, Inc. “This new partnership will allow Arai and LeMans to continue to grow the Arai business and provide Arai’s unique helmets to many more customers across the United States.”
“Our two companies share two very important attributes: family-owned and enthusiast-driven,” said Mike Collins, President of LeMans. “Combine this with Arai’s commitment to premium quality helmets and our commitment to premium quality service to our dealers, creates the perfect synergy for a great partnership.”
Look for more exciting information about the Arai Helmet and LeMans partnership in the weeks to come.
Limited stock of Arai Helmet products will be arriving at LeMans warehouses in November, with more stock arriving in January and onward.
6 – BRP Completes the Acquisition of the Shawinigan Operations of Kongsberg Inc. – From BRP Inc
BRP Inc. (TSX: DOO, NASDAQ: DOOO) announces that it has completed the previously announced acquisition of substantially all the assets related to the powersports business of Kongsberg Inc. in Shawinigan, Quebec (henceforth referred to as “KA Shawinigan”), a subsidiary of Kongsberg Automotive ASA.
KA Shawinigan is a leading player in the development and manufacturing of electronic and mechatronic products and a long-standing supplier of BRP. This acquisition is in line with BRP’s product strategy, particularly as it relates to its electrification plan. It is expected to allow the Company to gain further expertise in mechatronics and bolster its innovation capabilities.
BRP is pleased to welcome over 300 highly trained and skilled employees, specialized in developing and manufacturing key components for many of its product lines.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain information included in this release, including, but not limited to, statements relating to the anticipated benefits associated with the completion of this acquisition, the Company’s business and strategic plans, and other statements that are not historical facts, are “forward-looking statements” within the meaning of Canadian and United States securities laws. Forward-looking statements are typically identified by the use of terminology such as “may”, “will”, “would”, “should”, “could”, “expects”, “forecasts”, “plans”, “intends”, “trends”, “indications”, “anticipates”, “believes”, “estimates”, “outlook”, “predicts”, “projects”, “likely” or “potential” or the negative or other variations of these words or other comparable words or phrases. Forward looking statements, by their very nature, involve inherent risks and uncertainties and are based on several assumptions, both general and specific. BRP cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance of BRP to be materially different from the outlook or any future results or performance implied by such statements. Further details and descriptions of these and other factors are disclosed in BRP’s annual information form dated March 24, 2022.
About BRP
We are a global leader in the world of powersports products, propulsion systems and boats built on 80 years of ingenuity and intensive consumer focus. Our portfolio of industry-leading and distinctive products includes Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft and pontoons, Can-Am on and off-road vehicles, Alumacraft and Quintrex boats, Manitou pontoons and Rotax marine propulsion systems as well as Rotax engines for karts and recreational aircraft. We complete our lines of products with a dedicated parts, accessories and apparel portfolio to fully enhance the riding experience. With annual sales of CA$7.6 billion from over 120 countries, our global workforce includes close to 20,000 driven, resourceful people.
Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Alumacraft, Manitou, Quintrex, and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.
7 – Race Winning Brands Strengthens its Leadership Team – From Race Winning Bramds Inc
Scott Neely Hired as Director of Powersports Sales, Scott Highland Named Director of Marketing
As a leading manufacturer of performance components for the powersports and automotive markets, Race Winning Brands (RWB) continues to evolve its dedicated team of performance professionals with the addition of Scott Neely as Director of Powersports Sales and the transition of existing RWB veteran, Scott Highland, to Director of Marketing.
Bringing over twenty years of experience in both the powersports and automotive sectors with him, Neely feels right at home in his new role with RWB. Previously, he has held multiple roles during his extensive tenure at Cometic Gasket, most recently handling leading responsibilities with powersports and automotive OEM and retail accounts.
Neely is a lifelong Powersports enthusiast who caught the bug early, tearing up the family’s lawn in a go-kart before quickly moving to dirt bikes, competing at various levels over the years. To date, Neely is an avid dual sport rider and off-roader, spending his free time behind the handlebars. “I’ve loved going fast and anything with a motor my entire life, so working in the industry was a dream come true for me,” stated Neely. “Bob Gorman and his family gave me an opportunity a long time ago to join their business at Cometic Gasket and I ran with it. Fast forward to today and I still get just as excited as I did back then when helping Race Winning Brands customers!”
“Scott Neely’s experience with various levels of channel partners and end users over the years in all facets of the powersports business, both domestic and international, has lent itself to a very well-rounded understanding of the powersports industry,” commented Cary Redman, Vice President of Sales and Category Management for RWB. “This is a benefit that will support RWB’s ongoing efforts to adapt and grow with evolving powersports markets.”
Scott Highland brought over thirty years of powersports and automotive industry experience when he joined the RWB team in 2018. After originally being hired into the Director of Powersports role, Highland found himself naturally expanding to RWB’s marketing efforts in all segments of the business. He is no stranger to the marketing world, having contributed leading efforts to marketing objectives in several Automotive and Powersports groups before RWB.
Newly appointed as Director of Marketing, this transition for Highland reinforces RWB’s commitment to actively sharing its passion for performance with the automotive and powersports communities, as well as supports RWB’s crucial efforts in product support and education for RWB’s partners and end users in the marketplace.
“As a lifetime enthusiast and racer, I’ve thoroughly enjoyed my first four years here with RWB,” explained Highland. “RWB’s desire to service customers, expand product development, invest in resources and grow its portfolio of brands is a winning combination. There’s no doubt we’ve been growing over the recent years, and I look forward to accelerating these iconic brands.”
Scott Neely and Scott Highland will both report directly to Cary Redman, Vice President of Sales and Category Management in their roles representing RWB and its brands effective immediately.
About Race Winning Brands
Race Winning Brands (RWB) is the leading manufacturer of racing and high-performance parts sold to automotive and powersports markets. RWB is the preferred source for high-end pistons, engine blocks, cylinder heads, intake manifolds, connecting rods, crankshafts, clutches and other engine and driveline-related performance components. RWB markets its products through multiple prominent brands including BoostLine Products, Corsa Performance, CV4, Dart Machinery, Diamond Pistons, Haltech, JE Pistons, K1 Technologies, Manley Performance, MGP Connecting Rods, PAC Racing Springs, ProX Racing Parts, Rekluse Motor Sports, RevMax, TransGo, Transmission Specialties, Trend Performance, Victory1, Volant Performance and Wiseco Performance Products. RWB sells to a diverse and unmatched customer base of professional and sportsman racers, engine builders, enthusiasts, OEMs, automotive and powersports dealers and wholesale distributors. RWB is headquartered in Mentor, Ohio with sales offices and manufacturing operations in strategic locations throughout the United States, Canada, and Europe. For more information, please visit racewinningbrands.com
8 – Dorman Products, Inc. Completes Acquisition of SuperATV, a Leading Supplier to the Powersports Aftermarket – From Dorman Products, Inc
Dorman Products, Inc. (the “Company” or “Dorman”) (NASDAQ:DORM), a leading supplier in the motor vehicle aftermarket industry, today announced that it completed the acquisition of 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 two years subject to certain performance targets being achieved in 2023 and 2024. The closing payment is subject to customary purchase price adjustments. The transaction was financed with a five-year $500 million incremental term loan facility obtained in connection with an amendment to the Company’s existing credit agreement.
An investor presentation that was previously issued in connection with the announcement of the acquisition containing additional information regarding the transaction remains accessible on Dorman’s website at DormanProducts.com under “Investor Relations.”
About Dorman Products
Dorman gives repair professionals and vehicle owners greater freedom to fix cars and trucks. For over 100 years, we have been driving new solutions for the motor vehicle aftermarket, releasing tens of thousands of replacement products engineered to save time and money, and increase convenience and reliability.
Founded and headquartered in the United States, we are a pioneering global organization offering an always-evolving catalog of parts, covering light-, medium- and heavy-duty vehicles, from chassis to body, from underhood to undercar, and from hardware to complex electronics. See our full offering and learn more at DormanProducts.com.
About SuperATV
Founded in 2004, SuperATV employs highly skilled and industry expert men and women in all facets of design, manufacturing, sales and distribution. SuperATV’s leading family of proprietary brands includes Assassinator Tires, Assault Industries, Black Ops, EZ STEER, Gear Driven Performance, Intimidator Tires, Keller Performance Products, RackBoss, REV1, Rhino, SandCat, Terminator Tires, Warrior Tires, X300, and XR Optic. SuperATV is recognized in the powersports aftermarket for its high-quality suspension, steering, portal gear lifts, lighting, storage, vehicle protection, drivetrain, maintenance, accessories, and other product lines.
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