On August 27, 2003, a group of investors comprised of Bain Capital LLC, members of the Bombardier family and Caisse de dépôt et placement du Québec announced the acquisition of Bombardier’s recreational products division for a purchase price of $960 million. The deal closed on December 18.

Merrill Lynch & Co., Royal Bank of Canada, UBS Securities LLC, Bank of Montreal and General Electric Capital Corp. arranged a senior secured term loan in the amount of US$280 million, a senior secured revolving loan in the amount of $250 million and a high yield debt financing in the amount of $200 million to partially fund the purchase price. In connection with the acquisition, the purchasers also closed a US$115 million factoring facility with Bombardier Capital Inc.

The Davies team included Patricia Olasker, Scott Hyman, Melanie Koszegi, Alain Roberge and Janet Ferrier (corporate and banking), Joseph Jarjour (real estate), Siobhan Monaghan and Colin Campbell (tax), Sarah Powell (environment) and Benoît Archambault (intellectual property) for the secured bank financing, and Patricia Olasker, Kenneth Klassen and Sonny Bhalla (corporate and securities) for the initial purchasers on the high yield debt offering.