Florida boatbuilder Twin Vee PowerCats has purchased Aquasport Boats.
Twin Vee, based out of Fort Pierce, Florida, builds centre console offshore catamarans for a variety of applications including fishing, cruising, and watersports.
Aquasport, meanwhile, manufactures deep-V offshore centre consoles primarily for fishing, which will provide a significant boon to Twin Vee's portfolio of designs.
The move is interesting for both sides. Aquasport is under the umbrella of Ebbtide Holdings in Tennessee, which was purchased by Limestone Boats, a reinvigorated Canadian brand, in early 2021.
Both the Limestone and Aquasport brands were announced for Canadian distribution in early 2022, but unfortunately did not come to fruition. The group even went so far as to design and release a new flagship Aquasport 300CC as part of their expansion efforts.
Sadly, after being unable to get Limestone and Aquasport into significant production during the pandemic, Limestone filed for bankruptcy protection in January 2023. As a result, Ebbtide Holdings and its assets were put up for sale.
Twin Vee will now take ownership of the Aquasport brand and its manufacturing facility in White Bluff, Tennessee. The acquisition includes Aquasport’s trademarks, its 150,000- square-foot manufacturing facility situated on 18.5 acres, and related tooling, molds, and equipment for Aquasport's five models ranging from 21 to 30 feet.
“The acquisition of Aquasport by Twin Vee offers numerous benefits for us,” Twin Vee president and CEO Joseph Visconti said in a statement. “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.”
As part of the deal, Twin Vee and Ebbtide signed a lease agreement in which Twin Vee will fund $300,000 against the $3.1 million purchase price. Twin Vee will also carry the option to make monthly payments to reduce the outstanding balance of the purchase price, or it has the option to purchase the Aquasport assets outright any time within a 5 year period.
Twin Vee will assume control of the Aquasport facility beginning on June 1st.
According to Visconti, Aquasport’s acquisition will allow Twin Vee to expand its product line to include a wider variety of consumers by adding larger monohull models not currently offered. “This product line expansion is likely to attract new customers interested in purchasing boats with such a recognizable pedigree as Aquasport,” said Visconti. “Additionally, the acquisition will allow the company to leverage Aquasport’s existing brand recognition and sell our products to a wider audience, potentially further increasing revenue.”
“Not only are we looking forward to adding Aquasport’s incredible model lineup to our own, but we are also excited to utilize Aquasport’s dealer network to bring our power catamarans to a broader consumer base that might not yet be familiar with our brand," added Visconti.
