European private equity firm, AXA Private Equity, has sold its majority stake in Aixam Mega to Polaris Industries, a US in group specializing in power sports.

Based in France, Aixam Mega produces on-road motorized quadricycles and light duty commercial vehicles with a distribution network comprising more than 400 partners all over Europe.  Backed by AXA Private Equity, the company broadened its product portfolio, particularly with the launching of electric vehicles.

With annual sales of 2.5 billion euros in 2012, Polaris specializes in the powersports industry. Polaris' acquisition of the Aixam complements its existing vehicle portfolio and supports its strategy to grow through adjacent markets.

According to Mathieu Antonini, managing director in mid-market enterprise capital at AXA Private Equity, Aixam Mega demonstrated their capacity to invest in and develop leading companies operating in niche markets with strong financial performance.