The Quebec-based company that had plans to bring electric options to the snowmobile, personal watercraft and other powersports markets has a new owner.

Taiga Motors announced late on Thursday, October 10, that it is being acquired by a Euro-based electric boat builder.

No terms of the deal were disclosed.

In July, Taiga filed for the Canadian equivalent of Chapter 11 bankruptcy, which afforded it protection from debtors while restructuring. It’s not unusual for a company to be purchased during that period, so the move isn’t completely unexpected.

The buyer, though, is interesting. Stewart Wilkinson and his family have several electric brands within the marine market. Therefore, Taiga’s Orca personal watercraft seems to tuck in nicely. Pictures with the press release showed a Taiga Orca and Vita charging together on a dock.

The future path of the snowmobile product seems less clear, however. The press release did, though, positively mention the Taiga production facility on Montreal, and the fact that it would preserve jobs in Canada.

“The acquisition creates a positive path forward for Taiga, strengthening its operations in Canada, persevering jobs and enabling continued delivery of its award-winning electric snowmobiles and personal watercraft,” the press release stated. “Taiga’s advanced production facility in Montreal, Quebec, with an installed capacity of up to 8,000 combined units per year, will enable delivery of cost-leading electric powertrain components to global boat manufacturers alongside Taiga’s electric vehicles.”

The full press release is below.

Taiga Obtains Court Approval of Restructuring Acquisition Transaction with Backer of Leading Electric Marine Group

Source: Taiga Motors October 10, 2024 15:47 ET

MONTREAL, Oct. 10, 2024 (GLOBE NEWSWIRE) — Taiga Motors Corporation (Taiga) today announced that, in connection with the proceedings initiated in July 2024 under the Companies’ Creditors Arrangement Act (Canada) (CCAA), the Superior Court of Québec (the Court) has issued an order approving the acquisition of substantially all of the business of Taiga and its subsidiaries (the Transaction) by Stewart Wilkinson (the Purchaser).

Stewart Wilkinson’s family office is behind the global leading group of marine electrification brands that include Vita, Evoy, and Aqua superPower. This strategic move positions Taiga to leverage significant resources, technologies and a newly combined global footprint to continue driving the adoption of electric vehicles beyond the road, ensuring a sustainable future for recreational and commercial activities in both marine and powersport sectors.

“We are excited to support the evolution of Taiga,” said Stewart Wilkinson. “Sam and his team have built great products and technology in challenging financial markets. The world urgently needs low carbon solutions for all forms of mobility. This transaction will allow us to continue building the best technology, team and products to propel the industry forward.”

Powering a New Era of Electrification

This transaction marks a transformative moment in the evolution of electric marine and powersports vehicles at a pivotal time when the powersport industry is facing significant headwinds. The alliance between Taiga, Vita, Evoy, and Aqua superPower will create a strong end-to-end ecosystem to deliver industry-leading electric propulsion systems and vehicles to a broad range of recreational and commercial customers worldwide.

“We founded Taiga with the mission to make sustainable recreation accessible to everyone,” said Samuel Bruneau, the CEO and co-founder of Taiga. “Over the past years, we developed and built what no other manufacturer was willing or able to achieve – the foundational technology required to drive mass market adoption. This business combination now gives us the scale and resources needed to deliver on our vision. By combining Taiga’s technology and mass production expertise with the group’s leading position in marine electrification, we will achieve greater economies of scale to deliver high-performance products at compelling prices to accelerate the electric transition.”

Expanding Global Reach with Technological Leadership

The acquisition creates a positive path forward for Taiga, strengthening its operations in Canada, persevering jobs and enabling continued delivery of its award-winning electric snowmobiles and personal watercraft. Taiga’s advanced production facility in Montreal, Quebec, with an installed capacity of up to 8,000 combined units per year, will enable delivery of cost-leading electric powertrain components to global boat manufacturers alongside Taiga’s electric vehicles.

With state-of-the-art production facilities and innovation centers strategically located across North America and Europe, including key sites in Montreal, the UK, Italy and Norway, the group is well-positioned to scale its operations and distribution globally. This depth of knowledge, combined with cutting-edge technology and manufacturing capabilities, positions Taiga as a leader in innovation, performance, and the future of electric recreational vehicles.

About the Transaction

The financial terms of the Transaction are confidential, however, among other matters, the Purchaser has agreed to assume and guarantee Taiga’s indebtedness to Export Development Canada, Taiga’s most senior secured lender and the sole provider of interim funding to Taiga under the CCAA proceedings, and Mr. Wilkinson has committed to provide working capital funding for Taiga’s business plan.