MarineMax Acquires Marine Development Company
December 05 2022 - 7:00AM
Business Wire
~Adds Full-Service Marine Construction to
Company’s Expanding Service Offerings
MarineMax, Inc. (NYSE: HZO), the world’s largest recreational
boat and yacht retailer, today announced the acquisition of
Midcoast Construction Enterprises, LLC (“Midcoast Marine Group”), a
leading full-service marine construction company based on Central
Florida’s Gulf Coast.
“Midcoast Marine Group complements our growing marina portfolio
and adds a valuable skillset to our expanding service offerings,”
stated W. Brett McGill, Chief Executive Officer and President of
MarineMax. “Adding Midcoast Marine Group to the MarineMax family
gives us the team and assets to cost-effectively manage our marina
construction needs and market these services to third parties. We
continue to successfully execute on our strategy to acquire
well-managed, high-performing, and complementary businesses.”
Midcoast Marine Group CEO Jack Fulford, who founded the company
in 2012, will continue to run the business. Equipped with a fleet
of barges, cranes, and vessels, Midcoast Marine Group specializes
in heavy civil marine construction, including marina development,
port berth facilities, commercial docks, and other related
services. The acquisition includes the addition of waterfront real
estate along the Anclote River in Tarpon Springs, Florida. The
property, which has the potential for storage expansion, serves as
the haul-out location for all larger vessels in the fast-growing
Tampa Bay region.
About MarineMax MarineMax is the world’s largest
recreational boat and yacht retailer, selling new and used
recreational boats, yachts, and related marine products and
services, as well as providing yacht brokerage and charter
services. MarineMax has over 125 locations worldwide, including 78
retail dealership locations, some of which include marinas.
Collectively, with the IGY acquisition, MarineMax owns or operates
57 marinas worldwide. Through Fraser Yachts and Northrop &
Johnson, the Company also is the largest superyacht services
provider, operating locations across the globe. Cruisers Yachts, a
MarineMax company, manufactures boats and yachts with sales through
our select retail dealership locations and through independent
dealers. Intrepid Powerboats, a MarineMax company, manufactures
powerboats and sells through a direct-to-consumer model. MarineMax
provides finance and insurance services through wholly owned
subsidiaries and operates MarineMax Vacations in Tortola, British
Virgin Islands. The Company also owns Boatyard, an industry-leading
customer experience digital product company. MarineMax is a New
York Stock Exchange-listed company (NYSE: HZO). For more
information, please visit www.marinemax.com.
Forward-Looking Statement
Certain statements in this press release are forward-looking as
defined in the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include the ability to
cost-effectively manage the Company's marina construction needs and
market these services to third parties and the post-closing
management of the Midcoast Construction Enterprises business. These
statements are based on current expectations, forecasts, risks,
uncertainties, and assumptions that may cause actual results to
differ materially from expectations as of the date of this release.
These risks, assumptions, and uncertainties include the Company’s
abilities to manage expenses and accomplish its goals and
strategies, the performance and integration of the recently
acquired businesses, general economic conditions, as well as those
within the Company's industry, the level of consumer spending, and
numerous other factors identified in the Company’s Form 10-K for
the fiscal year ended September 30, 2022 and other filings with the
Securities and Exchange Commission. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20221202005473/en/
Investors: Michael H. McLamb Chief Financial Officer
727-531-1700 Katherine Cooper MarineMax, Inc.
Scott Solomon or Laura Resag Sharon Merrill Associates, Inc.
investors@marinemax.com
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