A multi-stage agreement
The sale of assets to Cremo AB, Intagagruppen's Swedish subsidiary, includes immediate operating rights to the Bella and Flipper brands, with an option to purchase the brands at the end of the license period. The transfer also includes boat inventory, raw materials, molds and production equipment, while the Kuopio plant will cease operations by September 2025.
According to the Nimbus Group, this transaction will have a limited financial impact, but should improve cash flow during the transition period. Indeed, the group saw its sales fall by 20% in the third quarter of 2024, and was penalized by a significant capital tie-up.
A transition for high-end models
Larger Flipper models, such as the 900 DC and 900 ST, are not included in this sale. These boats will continue to be produced at the Larsmo plant in Finland, where the Aquador models are also manufactured. Eventually, they could be integrated under the Aquador brand. Production of the Falcon small aluminum boats, also part of the Nimbus portfolio, will remain unchanged.
A strategic reorientation
Jan-Erik Lindström, CEO of the Nimbus Group, emphasized the industrial and commercial logic behind this agreement, pointing out that the Nimbus Group had strengthened its focus on the premium segment after the pandemic. This repositioning includes the closure of Finnish factories producing smaller boats.
With this sale, the Bella and Flipper small boats will now be handled by Cremo Boats, whose core business is precisely this segment. This will enable Nimbus to concentrate on larger, high-end models, better aligned with its growth objectives.
At the same time, the Group continues to develop new models, marking a key stage in its strategy of moving upmarket.
