Sportsman Country Acquired by Kandi
ATV/UTV distributor Sportsman Country is set to expand its U.S. operations as part of an acquisition deal with one of China’s leading EV innovators, Kandi Technologies Group, Inc. (NASDAQ: KNDI) The tiered transfer agreement — signed May 31, 2018 — should benefit dealers and customers alike in terms of technology, products and programs, according to both parties. After the Membership Interests Transfer Agreement, Kandi will acquire 100% of the ownership of Sportsman Country, LLC, and the original two members David Shan and Johnny Tai will become shareholders of Kandi.
“We are building Sportsman Country as a platform to accommodate more good brands, such as Massimo, Bennche, and Linhai. On the other side, we are open to having strategic partnerships with all good manufacturers in the world,” says Sportsman Country Chairman David Shan.
“This really is a win-win opportunity,” says Sportsman Country CEO Johnny Tai. “Basically, we live up to our end by bringing out even more exciting products and expanding our dealer network to further enhance the total customer experience.”
The Dallas based sales company, primarily engaged in the wholesale of off-road vehicles to dealers, was formed last year when Massimo Motor and Bennche joined forces. The seasoned management team (Shan started Massimo in 2008 and Tai launched Bennche in 2009) combined with a veteran sales force averaging 10+ years of experience, was what appealed to Kandi.
“The powersports market is improving and is expected to continue to grow in the near future,” said Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi. “After conducting a thorough due diligence on Sportsman Country, we determined that the company had strong performance in terms of business execution, sales network, marketing cost controls, and profitability. The acquisition is an entry point to gain a compelling opportunity for business integration and market expansion in America which will provide Kandi a solid foundation for the future strategic business development.”
Kandi Technologies Group Inc. also plans to bring its range of affordable electric vehicles to the US market in August 2018. Headed by the flagship EX3, Kandi EVs will be available through Sportsman Country’s sales network. Sportsman Country dealers will be able to scale their business and take advantage of diversified products.
“Access to Kandi’s EV technology is certainly appealing for the longer-term future, but we can immediately bring more resources into play for our dealers,” concludes Tai. “It is too soon to reveal some of the plans, but we can say we are actively and aggressively seeking qualified dealers as well as potential OEM partners. We welcome all talented professionals to join Sportsman Country, the winning team from Kandi.”