Cycle Country Accessories Corp. Announces Sale Of Its ATV Accessories Division For $9.7 Million
Closing is expected to occur with approximately 30-45 days, subject to the appropriate regulatory review and consents.
"After exploring all available alternatives, it was determined that selling the ATV Accessories product line was the best opportunity to maximize the value of the business for our company stockholders, as well as to provide the best opportunity for our customers, employees, and suppliers," company CEO Robert Davis said in a prepared statement.
Like Cycle Country, Kolpin Outdoors, headquartered in Fox Lake, Wisconsin, is a dominant player in the ATV accessories industry. This acquisition for them will give them a substantial share of the ATV/UTV aftermarket accessories category.
“We are very pleased be able to bring together two of the premium brands in the Powersports space, Kolpin and Cycle Country,” stated Tom Lutes, President and CEO of Kolpin. “Our intentions are to keep the current Cycle Country products and brand exclusive to the Powersports channel, while pursuing new, differentiated product in other channels under the Kolpin brand.” Lutes went on to say "this significant addition to the Kolpin family will insure our leadership position in offering our customers the broadest array of ATV/UTV accessories in the business."Additional information will be available in a Form 8-K that the Company will file with the Securities and Exchange Commission on September 1, 2011. About Cycle Country Accessories Corporation: Cycle Country is the recognized industry leader in the innovation, design, sales, and manufacturing of custom fitting accessories for utility and all-terrain vehicles (UTVs and ATVs), under the brand name of Cycle Country Accessories. Products include snowplows, mowers, 3-point hitches and implements, storage boxes and baskets, bed lifts, brush guards and more. Cycle Country also produces a line of specialty products for golf cars under the brand name of Plazco. Under the brand name of Perf-Form, Cycle Country manufactures and distributes a line of high performance oil filters focused on older, legacy engines in the motorcycle, ATV, and watercraft industries.
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