While BRP is looking to exit the marine market, troubled Canadian EV PWC and snowmobile manufacturer Taiga has been thrown a lifeline from eBoat group. Under the Companies’ Creditors Arrangement Act, the Superior Court of Québec has approved the acquisition of Taiga and its subsidiaries by Stewart Wilkinson. A family-owned operation, Wilkinson’s holdings already include marine electrification leaders Vita, Evoy and Aqua superPower. According to Wilkinson, this strategic move positions Taiga to leverage significant resources and technologies to continue driving the adoption of electric vehicles in both the marine and powersports sectors.
“We founded Taiga with the mission to make sustainable recreational accessible to everyone,” says CEO and coFounder Samuel Bruneau. “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.”
“We are excited to support the evolution of Taiga,” adds 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.”
Although terms of the deal were not announced, Stewart Wilkinson has agreed to assume and guarantee Taiga’s indebtedness to Export Development Canada (Taiga’s senior secured lender and sole interim funding provider under the CCAA proceedings). Wilkinson has also committed to provide working capital for Taiga’s business plan.
