Management buyout from Polaris establishes independent operation for the electric vehicle manufacturer
Anaheim, Calif., January 3, 2022 – Waev Inc. has purchased the GEM and Taylor-Dunn businesses from Polaris Inc. in a management buyout completed December 31, 2021. Terms of the deal are confidential. Founded by five former Polaris leaders, Waev will strategically place the GEM and Taylor-Dunn brands at the forefront of the business.
“Waev’s ownership of GEM and Taylor-Dunn represents an exciting new era in the legacy of these brands. We are bringing new life to these businesses enabling growth well into the future,” said Keith Simon, president and chief executive officer of Waev. “Greater demand for electric vehicles along with advancements in EV technology open up opportunities for GEM and Taylor-Dunn in new applications and markets that we will invest in and pursue long term.”
The Waev founding management group includes Simon, Paul Vitrano, Cosmin Batrin, Jon Conlon and Luke Mulvaney. With extensive experience in the industry and specifically with these businesses, the Waev management team is well-positioned to propel GEM and Taylor-Dunn into this new chapter. Under the continued leadership of this group, the business will be optimized for growth and refocused around the customers, dealers and partners GEM and Taylor-Dunn serve.
GEM and Taylor-Dunn are uniquely positioned in their urban and industrial mobility industries and the product lines will continue as brands owned by Waev. When GEM production moved to Anaheim in 2017, it joined Taylor-Dunn manufacturing and established the Southern California-based electric vehicle center of excellence. This facility will also serve as the headquarters for Waev.
“The 70-plus year history we have in California is just the start! Anaheim has been and will continue to be home to our EV manufacturing, design and engineering operations that are strengthened by our highly skilled and dedicated team. On behalf of the management group, we look forward to the success the Waev team will have building off the strong foundation of these businesses as we pursue new and emerging markets with greater agility and responsiveness,” said Simon.
More about Waev Inc.
The name Waev represents the team’s agility and dedication to providing quality solutions that move people and goods in the world around us. Just like waves rolling onto shore, motion is at the core of the business and products. And as waves are a universal greeting, the team welcomes our partners to the family and is committed to better serving our customers. Waev represents an exciting new era in the 70-year legacy of these established brands.
More about the Waev Inc. management team
Full bios are available here: https://bit.ly/WaevIncMediaKit.
- Keith Simon – president and CEO
- Paul Vitrano – senior vice president (SVP) and chief legal and policy officer
- Cosmin Batrin – SVP and chief technology officer
- Jon Conlon – SVP and chief financial officer
- Luke Mulvaney – SVP and chief revenue officer
More about GEM and Taylor-Dunn
Rooted in campus, community, and urban mobility, GEM is the leader in the low-speed vehicle (LSV) market. GEM was the first commercially-produced street-legal, LSV in the U.S. and, for more than 20 years, GEM has been shuttling people and goods across colleges and universities, city centers, residential communities, government campuses, and other micro-environments. GEMs are the answer to increased congestion, pollution and fuel prices. As the demand for more safe, sustainable, cost-efficient micro mobility vehicles grows, electric LSVs will increasingly become a purpose-built solution.
Founded in 1949, Taylor-Dunn burden carriers, personnel carriers, stockchasers, carts, and tow tractors have been trusted solutions in a broad range of industrial, commercial, and ground-support applications. From airports to zoos – the company has a broad portfolio of vehicle models designed to move people and goods with electric, LPG and gas-powered options that are customizable for any application. Taylor-Dunn vehicles increase safety and efficiency while reducing fuel costs and downtime.
Polaris purchased Taylor-Dunn in 2016 and GEM in 2011, and announced its intent to sell the businesses in October 2021. The sale of both businesses to Waev was finalized December 31.
About Waev Inc.
Waev Inc. is an electric mobility provider founded in 2021 to manufacture, distribute, market and support the GEM and Taylor-Dunn brands. GEM is an established leader in the EV LSV space and has been for more than 20 years. Taylor-Dunn has a rich 70-year legacy of providing trusted industrial vehicles to the market. Waev Inc. is a strategic partner dedicated to solving the mobility market’s challenges with nimble innovation and comprehensive solutions.
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