Twin Vee acquires Aquasport and manufacturing facility
Twin Vee PowerCats, Co., a manufacturer, distributer, and marketer of power sport catamaran boats, has entered into an agreement with Ebbtide Corporation to acquire the AQUASPORT boat brand and manufacturing facility. The acquisition includes Aquasport’s trademarks, its 150,000-square-foot manufacturing facility situated on 18.5 acres in White Bluff, Tenn., and related tooling, molds, and equipment to initially build five Aquasport models ranging in size from 21 to 25 feet.
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 5 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. The factory produced and sold Aquasport boats until November 2022. Twin Vee aims to restart the Aquasport facility and begin producing and delivering Aquasport boats. “The acquisition of Aquasport by Twin Vee offers numerous benefits for us,” said Visconti. “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.”
“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,” Visconti continued. “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.
Source: https://boatingindustry.com/news/2023/05/11/twin-vee-acquires-aquasport-and-manufacturing-facility/
