Norwegian boat builder Cormate has acquired the bankrupt boatbuilder Ryds, preserving a 70-year legacy.
The boatbuilder was previously the biggest producer of boats in the Nordic with close to 4,000 boats produced a year using state-of-the-art double mould infusion technology before it filed for bankruptcy in November 2023.
Cormate, founded 20 years’ ago, has received several international awards for its designs and performance.
Cormate boats are engineered and developed by its mother company Hydro Design AS which has close to 40 years of experience in the development and production of high-quality boats with efficiency, performance and seaworthiness.
Dedication
The company says it is aiming to elevate Ryds to new heights by ‘blending efficiency, seafaring capabilities, and sought-after design’ as part of the strategic alliance.
“Acquiring Ryds’ operational property not only secures local know-how and valuable production expertise but also anchors our dedication to preserving a legacy of craftsmanship in Ryd, ensuring a prosperous future for the community and the renowned Swedish boat manufacturing landscape,” said Jon Aksel Brynildsen, CEO of Cormate.
Egil Ranvig, founder, owner and chief designer at Cormate, has been appointed to spearhead the design and development of future Ryds boats.
He added: “We are not just acquiring a brand; we are inheriting a legacy. It’s about continuing Ryds’ successful journey with a fresh and dynamic approach.
“Our goal is to marry Cormate’s competence in innovative design, efficiency, and seaworthiness, with Ryds’ rich history and professional production methodology, creating boats that transcend expectations.”
Ryds, whose HQ and production facilities are based in Ryd, Sweden, began producing leisure boats in 1968, focusing on high quality, safety and functionality.
