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. Concurrently, the company's Twin Vee and Bahama Boat Works marine business will be transferred into a privately held Delaware statutory trust. The transaction 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.
For more details, view the full press release at https://ibn.fm/xhjxa.
Twin Vee PowerCats Co. 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 brands 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 move comes as Twin Vee PowerCats seeks to maximize shareholder value by separating its marine operations from the public company structure. By privatizing the marine business, the company aims to provide it with more operational flexibility while allowing the combined public entity to focus on growth opportunities. The transaction is expected to benefit both sets of shareholders through potential distributions from the private trust and equity in the new public company.
Investors and industry watchers will be monitoring the progress of the merger, which is subject to various conditions. The deal underscores a trend of companies restructuring to unlock value in separate business units.
