Thief River Falls’ Arctic Cat sold to group that includes former executive

Textron has sold snowmobile and ATV maker Arctic Cat.

Brad Darling, a former Arctic Cat vice president and currently president and CEO at Canadian all-terrain vehicle (ATV) maker Argo, and an investment group bought the Thief River Falls, Minn., company.

Terms of the deal were not disclosed.

“Today is the start of a new chapter, one where Arctic Cat returns to the race, but with a powerful understanding: This race is never-ending, and our intent is to lead,” Darling said in a news release.

It is unclear when the manufacturing plant will reopen. Textron shut down most of the operations, including all production lines, in January as it explored strategic alternatives for Arctic Cat.

Darling will continue to lead Argo as he takes on duties at Arctic Cat, according to a news release from the new owners.

The companies will be operated separately, though there could be synergies between the two companies, the release said.

Arctic Cat was founded by Edgar Hetteen in 1962, and the company has been operating in Thief River Falls since then. Rhode Island-based Textron purchased Arctic Cat in 2017 for $247 million in cash.

“As a permanent fixture of Thief River Falls, MN, for over 63 years, this iconic brand has benefitted from the passion of not only the employees but also the entire community,” Darling said in the release. “We are now able to wipe away any uncertainty and are looking ahead with great excitement.”

Arctic Cat was part of Textron’s specialized vehicles segment that includes other brands such as Tracker boats, E-Z-Go golf carts, Jacobsen lawn mowers and Cushman utility vehicles.

Textron runs mostly aircraft and defense businesses. It announced the sale during its first quarter earnings release Wednesday.

In a statement, Textron said the sale included the Arctic Cat brand and operations.

“We thank the talented and dedicated employees of Arctic Cat for their contributions during their time at Textron Specialized Vehicles, and wish them a bright future,” the statement said.

In a filing with the Securities and Exchange Commission, it said it would disclose the proceeds of the sale sometime in the second quarter.

Arctic Cat is one of only three major manufacturers of snowmobiles along with Medina-based Polaris and Ski-Doo.

Yamaha announced in 2023 that it would exit the snowmobile business as the number of snowmobiles sold has declined since the industry peaked in the 1990s.