Twin Vee PowerCats to merge with USFM as marine business goes private

US-based Twin Vee PowerCats has entered into a definitive agreement for a dual-track transaction that will merge the publicly traded boat manufacturer with USFM Corporation while simultaneously taking its recreational marine operations private. The marine business encompasses the company’s Twin Vee and Bahama Boat Works brands.

The transaction involves two key components. First, a USFM Corporation subsidiary – USFM develops strategic mineral interests in Greenland – will merge with Twin Vee. Existing Twin Vee shareholders will receive equity in the newly combined public entity.

Second, before the merger closes, Twin Vee will establish a Delaware statutory trust to hold and operate the marine business as a private company. Current shareholders will receive non-transferable contingent value rights (CVRs) in this trust, entitling them to future distributions generated from marine operations. The trust structure allows the boat-building business to continue serving recreational boating customers while operating outside the public markets.

The transactions are intended to unlock value for stockholders, provide the operating business with greater strategic and financial flexibility, and position both businesses for their next phase of growth.

”This transaction represents an important milestone for the company,” says Kevin Schuyler, lead independent director. “After a thorough review of strategic alternatives, our Board concluded that the combination of the public company merger and the privatisation of the marine business provides a compelling path forward for our stockholders, employees, customers, and business partners.”

Joseph Visconti, president and CEO, outlined the strategic rationale for privatisation: “As the proposed transaction is completed, we look forward to the opportunities that operating as a private company may provide. We believe this transition will lower operating overhead and allow us to dedicate more resources to product development, manufacturing and customer support. Our objective is simple: build and deliver amazing boats and support our 10,000 plus customers with exceptional customer service.

“To our customers, dealers, vendors, and business partners, thank you for your continued confidence and support. We value every relationship we have built over the years, and we invite you to stop by our facility, meet with our team, and see firsthand the passion and dedication that goes into every Twin Vee we build. We look forward to continuing to earn your trust every day.”

Both companies’ boards have approved the transaction. Closing remains subject to approval by Twin Vee’s disinterested shareholders, regulatory clearances, and other standard conditions. The parties expect to complete the transaction in the third quarter of 2026.

Once finalised, the combined public company is expected to trade on NYSE American. The marine business will continue normal operations throughout the transition, with no anticipated disruptions to customer service, dealer relationships, vendor partnerships, or workforce.