In a recent letter to dealer partners, Rob Parmentier, president and CEO of Marquis-Larson Boat Group announced that the Larson Boat Group has been sold to Polaris Industries.
"The sale of the company, means production will move and take place at another facility," Parmentier said in the letter. "The moving of materials and assets will begin, immediately."
The letter also said that Parmentier expects Polaris to begin sharing with dealer partners their business process and procedures, how Larson strategically fits into their marine growth plans, along with the appropriate introductions and sharing of information to transition partner's business into theirs and vice versa.
An email sent to dealers on behalf of Jake Vogel, president of Polaris Boats confirmed the sale of the Larson Boat Group.
"Marquis will no longer be manufacturing the Larson brand of boats. Any future boats manufactured under these brands (Larson, FX, Striper, Escape) will be produced by Polaris Boats," Vogel said in the email.
The email also stated that the process has already begun to move some of the Larson Boat Group assets to the Polaris production facility in Syracuse, Ind., where the company currently produces Rinker boats. "This will continue over the next few months as we look to incorporate these assets into our operations and begin production on certain prioritized models," Vogel said.
Vogel continued in the email to say that Polaris currently intends to discontinue the Escape line of pontoons and will continue with the other Larson Boat Group brands, prioritizing models based on current demand.
Dealers were informed that Marquis-Larson will currently manage all existing loans with Northpoint and that Polaris is evaluating next steps for each brand to determine a plan for incorporating the respective assets into its operations including financing at this time.
Polaris entered the boating industry in May 2018, when it acquired Boat Holdings, LLC, a boat manufacturer previously owned by the Vogel family, management and Balmoral Funds, in an all-cash transaction valued at a net present value of approximately $805 million.
This story is developing, Boating Industry will continue to update as more details become available.