A tumultuous series of bankruptcies and acquisitions is starting to gain clarity.
In early May, Twin Vee PowerCats purchased Aquasport Boats.
At that time, Aquasport was under the umbrella of Ebbtide Holdings in Tennessee, which was purchased by Limestone Boats, a reinvigorated Canadian brand, in early 2021.
Sadly, Limestone filed for bankruptcy protection in early 2023 and put the various assets within Ebbtide up for sale.
Enter Fort Pierce, Florida's Twin Vee PowerCats, who purchased the Aquasport brand, trademarks, and assets. Twin Vee signed a lease-option where Twin Vee funded $300,000 against the $3,100,000 purchase price, with 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 within a 5 year window.
The arrangement also included Aquasport's 150,000 square foot manufacturing facility on 18.5 acres in White Bluff, Tennessee, as well all its tooling, molds, and equipment for manufacturing Aquasports five models ranging from 21 to 30 feet.
The move also roughly coincided with Twin Vee launching another brand within its existing portfolio- LFG Marine monohulls.
Now it appears that Twin Vee will merge Aquasport with its new LFG Marine lineup to create a broader offering of monohull recreational boats.
“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.”
Visconti also said he plans to “invigorate the Aquasport brand with the ideals and goals LFG Marine were founded on.”
During LFG initial launch, the company said it was developing four models for the LFG lineup: a 22' Center Console monohull, a 25' Dual Console single-engine day boat, a 22' Dual Console monohull, and 25' single-engine Deck Boat. The LFG lineup was to be manufactured at the existing Fort Pierce, Florida location where Twin Vee is also built. Now it appears those LFG 4 designs will be added to the Aquasport lineup consisting of centre console offshore fishing boats.
“We want to bring the passion we have for boatmaking to Aquasport and build a bold and diverse product line that offers amenities for a fun and unforgettable day on the water at an affordable price. Moreover, we’re looking to build on Aquasport’s tremendous reputation for quality and reliability and re-energize it for avid fishers, weekend warriors, and families.”
Twin Vee has already been having an impressive 2023, with revenue up 51% in the first quarter alone. #news #products #aquasport #twinvee #LFGMarine
