Taiga Motors Corp. announced that, in connection with the proceedings initiated in July 2024 under the Companies’ Creditors Arrangement Act (Canada) (CCAA), the Superior Court of Québec has issued an order approving the acquisition of substantially all of the business of Taiga and its subsidiaries by Stewart Wilkinson. 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 powersports 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, 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 U.K., 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 Wilkinson has committed to provide working capital funding for Taiga’s business plan.
For further information regarding the CCAA proceedings, contact Deloitte Restructuring Inc., the Court-appointed Monitor of Taiga and its subsidiaries by telephone at (514) 393-5917 or by email at [email protected]. Its website address is https://www.insolvencies.deloitte.ca/. Closing of the transaction is expected to occur in the near term and is conditional only on Taiga receiving certain orders from the Canadian securities regulatory authorities.
Norton Rose Fulbright Canada LLP acted as legal counsel to Taiga, Lavery, de Billy, L.L.P. represented Stewart Wilkinson, while Fasken Martineau Dumoulin advised the monitor.
