Vision Marine Acquires EB Rental Ltd.
Vision Marine Technologies Inc, a manufacturer of electrically powered boats and the 180-hp EMotion electric outboard, has acquired EB Rental Ltd, of Newport Beach, Calif. The purchase consisted of cash and stock and Vision marine said in a statement that it will use the subsidiary to showcase its electric propulsion technology and grow brand recognition.
A Long-Term Plan
In the statement, Vision Marine said EB Rental represents “a template to take advantage of a burgeoning US addressable market.” Vision believes the rental market is growing at a compound annual growth rate of more than 4% and expects it to reach approximately 5 billion dollars by 2027.
“It is important to understand the strategic importance of this acquisition,” Alexandre Mongeon, co-founder and CEO of Vision marine, said. “EBR specifically, and the boat-rental business in general, represents Vision Marine’s entry into a very profitable business, which will support our primary goal of becoming the #1 manufacturer of electric outboard engines and powertrains globally, while showcasing out full range of industry leading products and technology. Vision Marine intends to acquire other boat-rental companies in North America, as well as other select regions worldwide.”
Vision also said that by expanding its services to rentals, Vision Marine will interact with a much larger audience, while introducing recreational boaters to sustainable electric powertrain technology. “The acquisition plays into our strategic mandate of offering eco-friendly electric solutions to consumers as well as OEMs, as we build a global footprint in the race to electrify boating and clean up waterways,” said Mongeon.
Coast to Coast
EB Rentals has approximately 100,000 rentals annually and is planning to add 15 boats to its fleet. The current management team will stay in place at the home location. Vision Marine says it is seeking to “meaningfully” expand its rental operations, initially to the east coast, with numerous locations already identified. EB Rental’s senior management team is focusing on southern Florida. The Sunshine State leads the country with $23 billion in retail sales of new boats, engines and associated accessories, according to the National Marine Manufacturers Association.