Company: Aquasport, Twin Vee PowerCats Co.
Business Type: Boat Builder
The acquisition includes Aquasport’s trademarks, its 150,000-square-foot manufacturing facility situated on 18.5 acres in White Bluff, Tennessee, and related tooling, molds, and equipment to initially build five Aquasport models, ranging in size from 21 to 25 feet.
Aquasport Boats, founded in the mid-1960s, manufactures Kevlar reinforced deep-vee hull designs, used for saltwater fishing, including centre consoles and bay boats, with deep freeboards and family-friendly amenities.
Twin Vee and Ebbtide Corporation signed a lease option where Twin Vee funded $300,000 against the $3,100,000 purchase price. Twin Vee has the option to either pay $22,000 per month in lease payments with $16,000 of the monthly payment attributed to reducing the outstanding balance of the purchase price or purchase the Aquasport assets outright any time prior to the five years by funding the outstanding balance to Ebbtide Corporation.
According to Joseph Visconti, CEO and President of Twin Vee PowerCats Co., Twin Vee will take physical control of the Aquasport property and facility in Tennessee on June 1, 2023. He said:
“The acquisition of Aquasport by Twin Vee offers numerous benefits for us. Increased revenue, greater market share, and a business model that is more scalable to a larger population of the boat-buying industry are some of the reasons we are excited about this incredible opportunity.”
Established in 1994, Twin Vee PowerCats Co. is the manufacturer, distributer, and marketer of twin hull power sport catamarans. From its HQ in Fort Pierce, Florida, Twin Vee builds boats, including the 240 GFX, the 240 SE-GFX and the 280 STX models, for a wide range of activities, such as fishing, diving, water skiing, and cruising.
Twin Vee’s power catamaran hulls have been fine-tuned to maximise fluid induction between the two hulls and create counter-rotating hydrodynamic vortexes of compressed air and water that provide a cushion of kinetic energy, which softens wave impacts for a dramatically smoother ride, even in rough seas. The resulting pressurised mixture is then channeled through the hull’s trailing surfaces to provide super-clean and highly ordered water for better propulsion by the props.
“This opportunity enables us to create a more scalable business model better suited to the needs of a larger population of the boat-buying industry. Twin Vee and Aquasport both have established reputations for quality and reliability.
“Together, we have the potential to create a more diverse and robust product line that is better suited to the needs of a wider range of customers. This will help the company appeal to new customers, increase its revenue, and establish a business model that adapts to changing market conditions.
“Moreover, this move allows us to take advantage of economies of scale in manufacturing, distribution, and marketing, helping us reduce costs and increase profitability. We can’t wait to work with the Aquasport brand and see what we can achieve together.”
No comment yet.