Twin Vee PowerCats Co. (NASDAQ: VEEE), a manufacturer of power sport boats, has entered into a definitive agreement to merge with a subsidiary of USFM Corporation, while its 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 of Twin Vee PowerCats 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 celebrated for its craftsmanship, timeless aesthetic, and dedication to producing offshore fishing vessels.
For more details, view the full press release at https://ibn.fm/xhjxa. Learn more about Twin Vee PowerCats at twinvee.com and bahamaboatworks.com.
This strategic move is significant for shareholders as it aims to separate the public market valuation from the operational marine business, potentially leading to more focused management and clearer value realization. The transaction also provides the marine business with the flexibility to operate as a private entity, which may allow for longer-term strategic planning without the pressures of quarterly earnings expectations. Industry observers will be watching the third-quarter 2025 closing timeline and the subsequent performance of both the combined public company and the privatized marine trust.
