On October 10, 2024, Stewart Wilkinson acquired substantially all assets of Taiga Motors Corporation and its subsidiaries as part of proceedings under the Companies’ Creditors Arrangement Act (CCAA). The Superior Court of Québec approved the acquisition, positioning Taiga to benefit from Wilkinson’s global marine electrification brands, including Vita, Evoy, and Aqua superPower. The financial terms of the transaction were not disclosed, but the purchaser assumed Taiga’s debt to Export Development Canada and committed to providing additional working capital. This acquisition aims to strengthen Taiga’s presence in the electric marine and powersport sectors, leveraging its Montreal-based production facility with an annual capacity of 8,000 units.

Norton Rose Fulbright Canada LLP served as legal counsel to Taiga, while Lavery, de Billy, L.L.P. represented Stewart Wilkinson. Fasken Martineau Dumoulin advised the Court-appointed Monitor, Deloitte Restructuring Inc. The transaction's closing is pending regulatory approvals from Canadian securities authorities. This strategic move is expected to enhance Taiga’s technological and production capabilities, enabling continued delivery of electric snowmobiles and watercraft, and expanding its reach in global markets.