AXA Private Equity, a European diversified private equity firm, has sold its majority stake in Aixam Mega to Polaris Industries, the US industrial group which specialises in powersports.
Aixam Mega is a European company which produces on-road motorized quadricycles and light duty commercial vehicles. Founded in 1983, the company manufactures and sells its passenger vehicles under the Aixam brand and light duty commercial vehicles under the Mega brand. Its distribution network comprises more than 400 partners throughout Europe.
Aixam Mega is based in Aix-les-Bains, France, and has two industrial sites across the country. AXA Private Equity took a majority holding in the business in 2006. With AXA Private Equity’s support, the company continued to broaden its product portfolio, especially with the launch of electric vehicles – firstly within B2B markets and secondly on B2C Aixam vehicles. Aixam Mega achieved sales of approximately EUR90m in 2012.
Polaris specialises in the powersports industry, with annual sales in 2012 of EUR2.5bn. The move significantly advances Polaris’ strategy to grow through adjacent markets, and complements the company’s existing small vehicle portfolio.
Philippe Colançon, business unit president of Aixam Mega, said: “We have enjoyed our partnership with AXA Private Equity and, thanks to the firm’s committed support, have been able to continue to develop our strategy, which is aimed at increasing our leading position within the European market. We now look forward to the next stage of the company’s development alongside Polaris.”
Mathieu Antonini, managing director in mid-market enterprise capital at AXA Private Equity, adds: “Aixam Mega demonstrates our capacity to invest in and develop leading companies operating in niche markets with strong financial performance. It is particularly satisfying that the company was able to attract interest from trade buyers, which included Polaris Industries.”
