Investment group, former executive purchase Minnesota’s Arctic Cat powersports company

• Arctic Cat, a Minnesota powersports company, has been acquired by an investment group led by former executive Brad Darling.
• Acquisition details remain undisclosed, but Darling will lead both Arctic Cat and his current company, Argo, independently.
• Arctic Cat's former owner Textron had paused Arctic Cat operations in St. Cloud.

St. Cloud's Arctic Cat plant is scheduled to remain open.

An investment group and former Arctic Cat executive have acquired the Minnesota powersports manufacturing company Arctic Cat this week.

Brad Darling, a former Arctic Cat executive for 17 years and current president of powersports company Argo, acquired Arctic Cat, headquartered in Thief River Falls, with an investment group, they announced Thursday.

The sale closed on Wednesday, according to a report from Textron.

The terms of Arctic Cat's purchase have not been disclosed, though Darling will continue to run both Argo and Arctic Cat and manage them separately, according to a release about the sale.

"We seek to continue Arctic Cat’s investment in its brand, products, people and dealers, extending its positive momentum," Darling said in the release. "We are now able to wipe away any uncertainty and are looking ahead with great excitement."

Rhode Island-based Textron was Arctic Cat's previous owner since 2017. It announced last December that it would be pausing operations at the company's St. Cloud and Thief River Falls manufacturing facilities early this year.

“The consumer end market demand for powersports products continues to remain soft. As a result, and in conjunction with its annual operating plan process, TSV has begun to pause production of its powersports products as Textron’s management reviews strategic alternatives for the business,” Textron's Dec. 18 Securities and Exchange Commission filing said.

The company had also cited challenges from changing consumer demand and a need to reduce costs as forces behind the decision, which affected 30 employees at the St. Cloud facility, Textron communications director Brandon Haddock confirmed at the time.

Argo's Marketing Communication Manager Mark Nigon said he did not have information about future operations at the St. Cloud or Thief River Falls facilities.

"I (don't) have any information regarding specifics around the St. Cloud or Thief River Falls plant operations other than to say that Arctic Cat will continue existing operations, but additional information will be shared as it becomes available in the coming days," he said in an email.

Arctic Cat did not respond to requests for comment about the purchase.

Teagan King covers business and development for the St. Cloud Times. She can be reached at teking@gannett.com.