José Boisjoli Named President and CEO
Saint-Bruno, Québec, December 18, 2003 - Bain Capital, the Caisse de dépôt et placement du Québec and the members of the Bombardier family, who now share the ownership of the newly created Bombardier Recreational Products Inc., today confirmed that the acquisition process of the recreational products group of Bombardier Inc. has been completed for the amount of $960 million Cdn.
In addition, the investor group nominated Mr. Laurent Beaudoin as Chairman of the Board of the new company. "We are very pleased to have completed the purchase, and look forward to the challenge of ensuring our company's future growth," said Mr. Beaudoin.
Mr. Beaudoin also confirmed the nomination of Mr. José Boisjoli as President and Chief Executive Officer. "Mr. Boisjoli has distinguished himself during his 15 years with Bombardier Inc.'s recreational products group. He has repeatedly proven that he has the knowledge, judgment and vision to successfully manage this new company," stated Mr. Beaudoin.
Expressing enthusiasm for his new position, Mr. Boisjoli stated: "I am honored by the trust the investor group has placed in me. I embrace the opportunity to lead Bombardier Recreational Products because I firmly believe that together with the management team, our employees and our dealer networks, we are capable of reaching new heights for our company while continuing to deliver the highest customer satisfaction."
Mr. Beaudoin thanked the management, employees and partners of Bombardier Recreational Products Inc. around the world for their patience and commitment to the company. "We are very grateful for your loyalty, dedication and efforts to move the business forward during the sale process," emphasised Mr. Beaudoin.
Bombardier Recreational Products Inc. is a world leader in design, development, manufacturing, distributing and marketing of Sea Doo® watercraft and sport boats, Ski Doo® and Lynx® snowmobiles, Johnson® and Evinrude® outboard engines, direct injection technologies such as Evinrude E-TECTM, Bombardier* all-terrain vehicles (ATV), RotaxTM engines and karts, as well as Bombardier* utility vehicles.
Bain Capital is a leading global private investment firm with more than $23 billion Cdn. in assets under management. The firm has strong experience in a variety of industries and with "carve-out" transactions in which non-core businesses or assets of corporations are purchased by private investors. With a 19-year investment history, the firm has made a number of investments in retail and consumer products companies, including Shoppers Drug Mart, Sealy, Domino's Pizza, and Staples.
The Caisse de dépôt et placement du Québec is a financial institution that manages funds for public and private pension and insurance funds. Its main depositors are the Régime de retraite des employés du gouvernement et des organismes publics (RREGOP), the Régie des rentes du Québec (RRQ), the Fonds d'amortissement des régimes de retraite (FARR), the Commission de la santé et de la sécurité du travail (CSST), the Commission de la construction du Québec (CCQ), the Société de l'assurance automobile du Québec (SAAQ) and the Régime de retraite du personnel d'encadrement (RRPE). The Caisse strives to obtain an optimal financial return for its depositors and clients. The leading institutional fund manager in Canada with close to $130 billion Cdn. of assets under management as at December 31, 2002, the Caisse invests in the main liquid markets as well as in private equity and real estate.
®, TM Trademark of Bombardier Recreational Products Inc. or its affiliates.
* Trademark of Bombardier Inc. used under license.
For information:
Geneviève Dion
Director, Communications and Public Relations
Bombardier Recreational Products Inc.
(450) 461-7706
genevieve.dion@brp.com
www.brp.com