It’s official: Nimbus Group has announced the acquisition of all of the shares in the EdgeWater Power Boats company for a cash consideration of USD 9.5 million on a cash and debt free basis.
The acquisition is financed with equity and the Company intends to carry out a directed share issue of up to 1,937,781 shares. The acquisition of Edgewater is expected to close during the second quarter of 2023.
Edge Water, an American company specializing in the design and manufacture of powerboats with a leading presence on the North-American market, sold more than 300 recreational, fishing and passenger boats in 2022, with sales of approximately USD 47.7 million, an adjusted EBIT of approximately USD 3.0 million and an adjusted EBIT margin of approximately 6.3%.
The acquisition 
further strengthens the Nimbus’ role on the American market:
“Through the development of new boat models, global expansion, densification of the dealership network and acquisitions, we have delivered on our clear growth strategy – says Jan-Erik Lindström, President and CEO of Nimbus Group.
In that strategy, an expansion in the important North American market is one of the cornerstones. The acquisition of EdgeWater adds a strong and successful brand to our portfolio, expands our presence in the North American market and adds an important local organisation with production capacity in the US” .
This is a strategic opportunity for Nimbus Group, which, in addition to improving the company’s position in the North American market, will have access to significant production capacity in the U.S. To date, in fact, it consisted of 7 brands and about 70 different models with production facilities in 9 locations between Sweden, Finland and Poland, but a base in the States was needed as well.
The acquisition, in fact, includes an industrial property which is valued at approximately USD 3.5 million, also contributing to make business logistics more efficient, which is also positive from a sustainability perspective.
In addition, the company announced that the direct issuance of shares will help finance the transaction, while also communicating the decision to withdraw the previous dividend proposal: in short, EdgeWater will join Nimbus Group’s U.S. organization and will be consolidated in the company’s accounts from the date of closing of the transaction.
“With this collaborative partnership, we will set a strong standard for boatbuilding,” says Jennifer Butera, President, and CEO of EdgeWater Power Boats. “Our companies share the same sensibilities geared towards providing sincere commitment to our customers and their families. The Nimbus Group is aimed at growth, and it seems limitless.”
