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Bain Capital Partners and the Caisse de dépôt et placement du Québec are reducing their respective stakes in snowmobile-maker BRP Inc. (DOO-T) in a cash-out deal valued at $261 million.
Bain Capital Luxembourg Investments and the Caisse said on Monday they have struck an agreement with a syndicate led by BMO Nesbitt Burns and RBC Dominion Securities for a bought deal involving the purchase of 8.7 million subordinate voting shares of BRP at $30 per share.
The transaction will reduce Boston-based Bain Capital’s stake in BRP to about 27.8 percent from about 34 percent. The Caisse’s position will fall to about 5.3 percent from 6.5 percent.
Valcourt, Que.-based BRP – formerly known as Bombardier Recreational Products – was spun off from parent Bombardier Inc. in 2003. Its three investors were private-equity group Bain, the Caisse and members of the Beaudoin and Bombardier families.
BRP launched an initial public offering in May of 2013. The shares traded at $25 per share on the first day of trading.
The IPO raised $262.3 million
The company has seen an uptick lately in sales of its year-round products such as all-terrain vehicles and its Can-Am Spyder three-wheel roadster.
In the deal announced Monday, Bain and the Caisse have granted the underwriters an overallotment option to buy up to an additional 1.3 million subordinate voting shares at the offering price.
The transaction is expected to close at the end of the month.