FORT PIERCE, Fla. – Florida boat builder Twin Vee Boats Inc., has been bought by asset firm Stonehenge Capital for an undisclosed sum, according to a report today in the Fort Pierce Tribune.
While the exact price of the purchase was not released, the newspaper reported that Stonehenge paid Twin Vee founder Roger Dunshee enough money "to make a Silicon Valley venture capitalist envious" for the majority of his stock.
Twin Vee's new president, David East, plans to triple the company’s production to almost 1,800 boats and double the workforce of 100 people employed at the production plant in the next three years, according to the Tribune.
"What was appealing to us was to see the type of growth that these guys enjoyed during challenging times," Steve Lux, one of Stonehenge Capital’s two directors, said. "Roger and the company did a fantastic job of starting out with a 7-foot dinghy and taking it to a high single-digit-revenue [in millions of dollars] company."