Cormate, the Norwegian powerboat builder, has acquired bankrupt Swedish boat brand Ryds for an undisclosed sum. The strategic acquisition, says Cormate, not only preserves Ryds’ 70-year legacy but injects new life through innovation, promising to steer it towards unprecedented success.
Cormate founder, owner and chief designer Egil Ranvig will spearhead the design and development of futre Ryds boats
Cormate’s says it is committed to upholding Ryds’ strong brand and rich history while infusing cutting-edge innovation. The company aims to elevate Ryds to new heights by blending efficiency, seafaring capabilities, and sought-after design.
Ryds’ history goes back to 1946, where production of leisure boats started in 1968, focusing on high quality, safety and functionality. The company was once the biggest producer of boats in the Nordic with close to 4,000 boats/year. It filed for bankruptcy in November last year.
Cormate’s vision extends to a long-term investment, securing not only the acquisition but also an 8,500m² production site following fruitful negotiations with the local government. Ryds boasts one of the most modern and environmentally friendly production techniques, utilising state-of-the-art double mould infusion technology.
Local support from Sparbanken Eken played a pivotal role in ensuring the continuity of production in Ryd, Sweden.
“Acquiring Ryds’ operational property not only secures local know-how and valuable production expertise but also anchors our dedication to preserving a legacy of craftsmanship in Ryd, ensuring a prosperous future for the community and the renowned Swedish boat manufacturing landscape,” says Jon Aksel Brynildsen, CEO of Cormate.
Egil Ranvig, founder, owner and chief designer at Cormate, has been chosen to spearhead the design and development of future Ryds boats. “We are not just acquiring a brand; we are inheriting a legacy. It’s about continuing Ryds’ successful journey with a fresh and dynamic approach,” Ranvig says. “Our goal is to marry Cormate’s competence in innovative design, efficiency and seaworthiness, with Ryds’ rich history and professional production methodology, creating boats that transcend expectations.”
Cormate boats are engineered and developed by its mother company, Hydro Design AS, with close to 40 years of experience in the development and production of high-quality boats.
