As of May 31st, 2018, Kandi Technologies Group, Inc. has acquired Sportsman Country, a company based in Dallas, Texas that provides wholesale and retail off-road vehicle parts.
The two companies entered into a Membership Interests Transfer Agreement that entitles Kandi to 100% ownership of Sportsman Country. The agreement promises that Sportsman Country will receive $10 million in pre-tax profit from 2017 to 2020, paid through the transfer of restricted shares. Kandi issued an initial $1 million 30 days after signing the agreement, with the remaining $9 million to be released on escrow based on profit performance.
Kandi Technologies Group, Inc., a China-based company, specializes in research, development, manufacture, and sales of a range of vehicles and vehicle products. They are one of China’s leading manufacturers of electric vehicles (EV), as well as EV products and off-road vehicles.
Sportsman Country has a veteran sales and management team, and established sales channels across the United States. Kandi’s acquisition is a big step toward connecting with American markets, and the company is confident that Sportsman Country’s expertise, management, and operational methods will yield long-term gains.
The two companies will integrate under the Kandi corporation, with Sportsman Country’s trusted partners still able to rely on the teams they’ve come to know and love over the last decade. With large profits for the two Sportsman Country partners, and a huge opportunity for Kandi to expand into a market where powersports, off-roading, and other vehicular hobbies are at their most popular, this acquisition stands to benefit all involved parties.
More details of the acquisition are likely to emerge in the coming months, and time will tell if Kandi’s ownership of Sportsman Country comes with any unforeseen changes. For now, it seems as though both companies are pleased with the deal, and looking to serve their clients and customers with the same high standards they always have!