Business
Twin Vee PowerCats Acquires BoatsForSale.com and YachtsForSale.com: The Acquisition Accelerates Twin Vee's Evolution into a Diversified Recreational Company
FORT PIERCE, FL / ACCESS Newswire / February 10, 2025 / Twin Vee PowerCats Co. (Nasdaq:VEEE), ("Twin Vee" or the "Company"), a manufacturer, distributor, and
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESS Newswire / February 10, 2025 / Twin Vee PowerCats Co. (Nasdaq:VEEE), (\"Twin Vee\" or the \"Company\"), a manufacturer, distributor, and marketer of power sport boats, today announced that it has entered into an agreement to acquire two significant digital assets from OneWater Marine - BoatsForSale.com and YachtsForSale.com. These platforms represent the third-largest online boat marketplace in the United States, with over 42,000 unique listings. This strategic acquisition is expected to further position Twin Vee as a diversified marine and recreational company.A Strategic Move Towards Growth and IntegrationFor more than 30 years, Twin Vee has been at the forefront of power catamaran design and manufacturing. In 2023, the Company acquired AquaSport Boats, an iconic brand with over 60 years of history. The acquisition of BoatsForSale.com and YachtsForSale.com marks the latest milestone in Twin Vee's strategy to diversify and scale its operations while maximizing shareholder value.\"Our acquisition of BoatsForSale.com and YachtsForSale.com will be another step toward Twin Vee's long-term growth strategy-one that emphasizes innovation, digital transformation, and strategic asset acquisition to increase overall Company value,\" said Joseph Visconti, CEO and President of Twin Vee PowerCats Co. \"We recognize the immense potential in the pre-owned boat market, valued at over $9 billion, and we are committed to ensuring these platforms continue to provide a frictionless, consumer-first experience similar to what we've seen with successful automotive platforms like CarGurus, Carvana, CarMax, and AutoNation. As the marine industry evolves, Twin Vee remains dedicated to finding and integrating key assets that not only drive revenue but also enhance the consumer and dealer experience.\"Enhancing Dealer Support and Sales Through Digital InnovationWhile this acquisition will not alter Twin Vee's core business model of designing and manufacturing new Twin Vee and AquaSport boats sold through a nationwide dealer network, it should significantly enhance the Company's ability to provide greater lead generation and improved sales tools for its current and future dealer partners.With digital transformation shaping consumer buying habits, Twin Vee intends to implement advanced technology solutions into these platforms to cr...