Twin Vee PowerCats has entered into an agreement with Ebbtide Corp. to acquire the Aquasport boat brand and manufacturing facility. The acquisition includes the Aquasport trademarks; a 150,000-square-foot facility on 18.5 acres in White Bluff, Tenn.; and related tooling, molds and equipment to build five models from 21 to 25 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.”
Twin Vee and Ebbtide signed a lease option in which Twin Vee funded $300,000 against the $3.1 million purchase price. Twin Vee has the option to either pay $22,000 per month, with $16,000 of the monthly payment attributed to reducing the outstanding balance of the purchase price, or it can buy the Aquasport assets outright any time prior to the five years by funding the outstanding balance to Ebbtide.
Twin Vee will take control of the Aquasport property and facility June 1.
