Taiga Motors Corporation is set to be acquired by the family which owns the Vita, Evoy and AquasuperPower marine electrification brands, headed by Stewart Wilkinson.
The transaction has been agreed in connection with proceedings initiated in July 2024 under the Companies’ Creditors Arrangement Act (Canada) (CCAA).
The acquisition will allow Taiga to use the resources, technologies and the newly combined global footprint to further the adoption of electric marine mobility.
“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.”
“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.”
This business combination now gives us the scale and resources needed to deliver on our vision.
Samuel Bruneau
The acquisition strengthens Taiga’s operations in Canada where it has a production facility in Montreal, Quebec with an installed capacity of up to 8,000 combined units per year.
The group has production facilities and innovation centres located across North America and Europe, including in Montreal, the UK, Italy and Norway.
Samuel Bruneau, CEO and co-founder of Taiga, added: “We founded Taiga with the mission to make sustainable recreation accessible to everyone.
“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.”
The financial terms of the transaction have remained confidential. Stewart Wilkinson has assumed and guaranteed 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,
Stewart Wilkinson has also committed to provide working capital funding for Taiga’s business plan.
