Bain and Caisse de dépôt to sell more BRP shares in deal valued at $261 mln
Bain Capital and the Caisse de dépôt et placement du Québec have agreed to sell more of their holdings in Valcourt, Québec-based Bombardier Recreational Products Inc (BRP, TSX: DOO). Through a secondary offering, Bain and the Caisse will dispose of 8.7 million subordinate voting shares in the company, generating gross proceeds of about $261 million. Following the close of the transaction at the end of January, Bain will hold 27.8% of issued and outstanding shares, while the Caisse will hold 5.3%. The two investors completed a similar $223 million sale in Oct. 2013. BRP, which develops, manufactures and distributes power-sports vehicles, was acquired by Bain, the Caisse and members of the Bombardier family in 2003. The company completed an initial public offering in May 2013.
