Twin Vee PowerCats Co. (NASDAQ: VEEE), a manufacturer of power sport boats, has entered into a definitive agreement under which a subsidiary of USFM Corporation will merge with the company, while its Twin Vee and Bahama Boat Works marine business will be transferred into a privately held Delaware statutory trust. The move is designed to unlock shareholder value while providing greater strategic and financial flexibility for both businesses.
Under the terms of the agreement, existing shareholders will receive equity in the combined public company and contingent value rights tied to potential future distributions generated by the privatized marine business. Upon closing, the combined public company is expected to trade on the NYSE American, while the marine business will continue operating without interruption. The transaction has been approved by both companies’ boards of directors and is expected to close in the third quarter of 2026, subject to shareholder approval, regulatory approvals, and customary closing conditions.
Twin Vee PowerCats manufactures a range of boats under the Twin Vee and Bahama Boat Works brands, designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, fuel-efficient, smooth-riding catamaran hull designs. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the “Best Riding Boats on the Water(TM).” Bahama Boat Works is an iconic luxury brand long celebrated for its unmatched craftsmanship, timeless aesthetic, and dedication to producing some of the finest offshore fishing vessels. The company is located in Fort Pierce, Florida, and has been building and selling boats for 30 years.
This strategic transaction underscores a trend in the marine industry where companies are restructuring to separate public market performance from operational assets. By privatizing the marine business, Twin Vee can focus on long-term growth without the pressures of quarterly earnings expectations, while the combined public entity can pursue other opportunities. For investors, the contingent value rights offer a potential upside tied to the marine business's future distributions. The full press release is available at https://ibn.fm/xhjxa.
More information about Twin Vee PowerCats can be found at twinvee.com and bahamaboatworks.com.
