After a slow transition to new ownership, Fort Pierce, Fla.-based Twin Vee Powercats is rebranding and refocusing the business.
Though officially purchased quietly in February 2015 by ValueRich, a public company traded on the OTC Markets under the symbol TVPC, new CEO Joseph Visconti was learning the ropes from founder Roger Dunshee and his wife as they planned for retirement. The couple is in full-fledged retirement and is traveling the country in their RV, Visconti says.
Now ValueRich changed its name to TwinVee Powercats and unveiled its new identity and a new website, Visconti told Trade Only Today.
“I’ve been a boater my entire life, had the opportunity to ride on a Twin Vee, and it completely opened my mind to the type of boats I should’ve owned from the beginning when I began boating,” Visconti said. “I started to look into the company and found it to be the most interesting company. There is a following with twin-hull boats. I fell in love with the product and the company.”
Twin Vee, founded in 1994, had a solid infrastructure in place, came with experienced workers, some of whom have been at the company for 20 years, and had key people in management positions, Visconti said.
“I got the best of both worlds — I bought a company that was up and operational, has been selling boats for 22 years, has a clientele in place and key management people,” Visconti said.
In the last year plus, during the slow transition, the company has overhauled the factory, modified the production facility and added equipment such as CNC machines, Visconti said. It is also expanding its dealer network.
There has been a learning curve for Visconti, who is new to the marine industry. But he said an outsider’s perspective might be helpful.
“I feel like we are doing some of the things that have kept twin-hull production companies from gaining market share,” Visconti said. “We’re coming out with a line of boats, changing sheer lines, and including so many interesting design elements. We are really going to make a splash — pun intended.”
