Bombardier to Sell Snowmobile, Boat Unit

Bombardier Inc. agreed to sell its snowmobile and boat unit for $880 million to a group that includes the founder’s family and Bain Capital, taking another step to preserve the company’s credit rating.

The Bombardier family will keep 35% of the business. Boston-based Bain Capital gets 50% and Canada’s biggest pension fund manager will hold 15%, the group said.

Selling the unit, which makes Ski-Doo snowmobiles, Sea-Doo boats and Johnson outboard motors, will complete Bombardier Chief Executive Paul Tellier’s plan to raise as much as $1.6 billion through stock and asset sales to preserve the Montreal-based company’s debt rating. Bombardier’s long-term debt is at the lowest investment-grade rating set by Moody’s Investors Service and Standard & Poor’s.