Limestone Boats said it completed its acquisition of Ebbtide Holdings, the manufacturer of the Aquasport and Boat Bay brands, the company said in a statement.
The purchase includes $3.75 million in cash and $2.5 million of Limestone common shares on the Toronto Venture Exchange.
In addition, the builder brokered a private placement investment of $14 million to fund the cash portion of the acquisition and to provide working capital.
The Ontario-based company assumes control of Ebbtide’s 145,000-square-foot facility in White Bluff, Tenn. Limestone had relocated its manufacturing there after its relaunch last year.
Limestone CEO Scott Hansen said the acquisition will allow the company to expand production across each of the brands to meet demand.
“The acquisition of Ebbtide Holdings is a keystone transaction in the continued growth of our company,” Hansen said. “The combination of heritage brands Limestone and Aquasport provides continuity in reputation for safety, performance and quality, coupled with the addition of Boca Bay. … By securing expanded manufacturing capacity and a broad dealer network, we are well-positioned to become a growing force in the North American marine industry.”
With the addition of the Ebbtide brands, Limestone now has 50 independent dealer locations servicing the United States and eastern Canada.
The builder will provide Vision Marine with hulls so the companies can work together to optimize performance of the electric powertrain.
“We wanted to provide our customers with reliable and dependable yet disruptive EV marine product offerings on our deep-vee hull designs,” Hanson said. “Our partnership with Vision Marine Technologies provides us the opportunity to bring groundbreaking performance, run times and cruising speeds to market.”