MarineMax to Expand Marina Portfolio with the Acquisition of Shelter Bay Marine, in the Heart of the Florida Keys
January 31 2025 - 7:30AM
Business Wire
~ Builds Upon its Higher-Margin Business
Strategy ~
MarineMax, Inc. (NYSE: HZO) (“MarineMax” or the “Company”), the
world’s largest recreational boat, yacht and superyacht services
company, today announced that it has signed a definitive agreement
to acquire Shelter Bay Marine (”Shelter Bay”), a full-service
marina and storage facility in the heart of the Florida Keys. The
acquisition is expected to close by the end of June 2025 and be
accretive in the first full year of operations.
The marina, located in Marathon, Florida, provides unrestricted,
direct ocean access with no bridge height limitations. It is
capable of storing more than 175 boats, while offering
comprehensive service and retail facilities.
“The acquisition of Shelter Bay aligns seamlessly with our
strategy of acquiring higher-margin businesses that complement
other parts of our business and create valuable synergies,” said
Brett McGill, Chief Executive Officer and President of MarineMax.
“Geographically, Shelter Bay strengthens our presence in the Middle
Keys, building on our growing Ocean Reef and Islamorada locations.
The Shelter Bay team has a strong reputation for service excellence
that blends well with our culture. In addition, the marina provides
another outlet for our premium brands, enhancing the customer
experience through greater convenience and expanded access to our
offerings.”
About MarineMax
As the world’s largest lifestyle retailer of recreational boats
and yachts, as well as yacht concierge and superyacht services,
MarineMax (NYSE: HZO) is United by Water. We have over 120
locations worldwide, including over 70 dealerships and 65 marina
and storage facilities. Our integrated business includes IGY
Marinas, which operates luxury marinas in yachting and sport
fishing destinations around the world; Fraser Yachts Group and
Northrop & Johnson, leading superyacht brokerage and luxury
yacht services companies; Cruisers Yachts, one of the world’s
premier manufacturers of premium sport yachts, motor yachts, and
Aviara luxury dayboats; and Intrepid Powerboats, a premier
manufacturer of powerboats. To enhance and simplify the customer
experience, we provide financing and insurance services as well as
leading digital technology products that connect boaters to a
network of preferred marinas, dealers, and marine professionals
through Boatyard and Boatzon. In addition, we operate MarineMax
Vacations in Tortola, British Virgin Islands, which offers our
charter vacation guests the luxury boating adventures of a
lifetime. Land comprises 29% of the earth’s surface. We’re focused
on the other 71%. Learn more at 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 expectations that the
acquisition of Shelter Bay Marine will close by the end of June
2025 and be accretive in the first full year of operations, as well
as the financial and operational benefits of the acquisition. 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 return to
normal operations of the Company’s locations, the timing of and
potential outcome of the Company’s long-term improvement plan, the
estimated impact resulting from the Company’s cost-reduction
initiatives, the Company’s abilities to reduce inventory, manage
expenses and accomplish its goals and strategies, the quality of
the new product offerings from the Company’s manufacturing
partners, the performance and integration of the recently acquired
businesses, general economic conditions, as well as those within
the Company's industry, the liquidity and strength of our bank
group partners, the level of consumer spending, and numerous other
factors identified in the Company’s Form 10-K for the fiscal year
ended September 30, 2024 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/20250130244938/en/
Investors: Mike McLamb Chief Financial Officer MarineMax, Inc.
727-531-1700
Scott Solomon Sharon Merrill Advisors 857-383-2409
HZO@investorrelations.com
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