UPDATE 1-Polaris to buy Transamerican Auto Parts for $665 mln
Oct 12 (Reuters) - All-terrain vehicle maker Polaris Industries Inc said on Wednesday it would buy off-road SUV accessories maker Transamerican Auto Parts Co (TAP) for about $665 million.
TAP is a leader in the fast-growing $10 billion SUV accessories market and is known for aftermarket brands such as Pro Comp, Rubicon Express and Poison Spyder.
The deal will create a leading company in the four-wheel drive off-road market and extend Polaris's presence in aftermarket accessories and attract new consumers to its existing brands, including Polaris Ranger and Sportsman ATVs.
Compton, California-based TAP had sales of $740 million in the 12 months ended Sept. 30.
Privately owned TAP sells and distributes its products through multiple channels, including 75 4Wheel Parts stores and two online platforms.
BofA Merrill Lynch was financial adviser to Polaris, and Faegre Baker Daniels LLP was its legal adviser.
Jefferies and Houlihan Lokey acted as financial advisers to TAP, with Sullivan & Cromwell acting as legal adviser.
(Reporting by Shalom Aarons in Bengaluru; Editing by Martina D'Couto)
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