Norwegian boatbuilder acquires bankrupt Ryds

Norwegian powerboat builder Cormate has acquired the bankrupt Scandinavian boatbuilder Ryds.

Cormate says the acquisition preserves Ryds’ 70-year legacy by injecting new life into the brand, pledging ‘a thrilling future for the Scandinavian boat industry’ with the new collaboration.

Ryds’ history goes back to 1946, with the production of leisure boats starting in 1968. Ryds also has a background as one of the biggest producers of boats in the Nordic region, with close to 4,000 boats per year from its headquarters and production facilities in Ryd, Sweden. It entered the UK market in August 2023. The company filed for bankruptcy in November 2023.

Cormate says its vision extends to long-term investment, securing not only the acquisition but also the 8,500 m2 facilities, following ‘fruitful’ negotiations with the local government and local support from Sparbanken Eken.

“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 (pictured below), 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,” he says. “It’s about continuing Ryds’ successful journey with a fresh and dynamic approach. 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, which celebrates its 20th anniversary this year, engineers and develops its boats in partnership with its mother company Hydro Design AS.