Twin Vee PowerCats to Take Boat Manufacturing Business Private in Strategic Merger
Fort Pierce, Monday, 13 July 2026.
Twin Vee PowerCats will merge with USFM Corporation and privatize its core boat brands, aiming to shield manufacturing operations from public market volatility and reduce overhead.
Structure of the Merger and Privatization
On July 13, 2026, Fort Pierce, Florida-based boat manufacturer Twin Vee PowerCats Co. (Nasdaq: VEEE) announced that it has entered into a definitive merger agreement with a subsidiary of USFM Corporation [1]. This transaction is uniquely structured to concurrently privatize the company’s core “Marine Business,” which comprises the Twin Vee and Bahama Boat Works brands [1]. Under the terms of the agreement, the restructuring is designed to separate the manufacturing operations from the public entity, allowing the boat-building segment to transition into a private enterprise [1].
Strategic Rationale and Operational Continuity
The decision to take the marine division private comes after a comprehensive evaluation of strategic alternatives by the company’s leadership [1]. Kevin Schuyler, Lead Independent Director of Twin Vee, stated that the board concluded the combination of the public merger and privatization provides a compelling path forward for stockholders, employees, customers, and business partners [1]. Joseph Visconti, President and Chief Executive Officer of Twin Vee, emphasized that operating as a private entity will significantly lower operating overhead [1]. Visconti noted that this transition will allow the team to dedicate more resources directly to product development, manufacturing, and customer support [1].
Timeline and Regulatory Steps
Looking ahead, the completion of both the merger and the privatization is currently targeted for the third quarter of 2026, with the window remaining open as of July 13, 2026 [1]. As part of the regulatory process, USFM Corporation is prepared to file a Registration Statement on Form S-4 with the Securities and Exchange Commission (SEC) [1]. This follows Twin Vee’s previous regulatory filings, including its 2025 Annual Report on Form 10-K filed on February 27, 2026, and its proxy statement filed on October 23, 2025 [1]. Upon successful completion of the transaction, the combined public entity is expected to list and trade on the NYSE American [1].