By Robb M. Stewart

Bain Capital is loosing its grip on snowmobile and watercraft maker BRP with plans to sell roughly 182 million Canadian dollars ($135.5 million) worth of voting shares.

BRP and Bain Capital said Monday they entered an agreement that will see RBC Capital Markets buy 2 million subordinate voting shares of BRP at a public price of C$91 each.

When the offering closes, Bain will own about 18% of BRP's multiple voting share and roughly 30% of the voting power attached to the shares, compared with almost 21% of the shares and 33% of the voting control currently.

BRP, whose portfolio includes Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft and Can-Am on and off-road vehicles, won't receive any proceeds from the offering, which is expected to close on or about Friday.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

January 22, 2024 17:14 ET (22:14 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.
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