~Accretive Acquisition of SkipperBud’s &
Silver Seas Drives Meaningful Growth~
~Combined Operation Produced $220 Million in
Calendar 2019~
~Strategically Grows Higher Margin Revenue –
Significantly Grows Its Marina Portfolio~
MarineMax, Inc. (NYSE: HZO), the nation's largest recreational
boat and yacht retailer, today announced the acquisition of
SkipperBud’s and its affiliate, Silver Seas Yachts (collectively
SkipperBud’s), significantly growing its presence in the Great
Lakes region and the West Coast of the United States. SkipperBud’s
is one of the largest sales, brokerage, service and marina/storage
groups in the world. Fiscal 2019 revenue for SkipperBud’s was $220
million, making this the largest acquisition for the Company to
date. The shareholders of SkipperBud’s will remain as its
operators. The acquisition is expected to be accretive in its first
full year.
SkipperBud’s was founded over 60 years ago with the realization
that the growth and success of the company depended on its team
members. Under Michael Pretasky Sr., SkipperBud’s demonstrated a
commitment to customers by delivering the dream of the boating
lifestyle while evolving the Company to increase its focus on
marinas and storage income making it one of the industry’s largest
dealership and marina operators. Led for the past 14 years by
Michael Pretasky Jr., the Company has seen significant growth and
expansion of locations and brands. With the acquisition, MarineMax
adds 20 locations in Wisconsin, Michigan, Illinois, Ohio,
California, Washington and Florida. Additionally, the acquisition
strengthens MarineMax’s premium real estate holdings with the
addition of 11 marina and storage facilities, nearly doubling the
Company’s marina portfolio.
W. Brett McGill, Chief Executive Officer and President of
MarineMax stated, "We are very excited to expand with such a great
organization as SkipperBud’s, who we have known for many years and
who share our values and culture. The acquisition adds greatly to
our geographic reach in the Great Lakes and the West Coast. It also
provides us the opportunity to fully leverage our business and
brand infrastructure across the country, better enabling us to
serve customers in all markets. The acquisition aligns with our
long-term strategy to grow our cycle resilient higher margin
businesses, especially marina and storage income, by nearly
doubling our marina operations. We are excited to have Mike
Pretasky Jr. join our management team and continue to lead the
operations. Mike has a proven track record in the marine industry
and will help lead the Company to further growth.”
Mike Pretasky, Jr., President of SkipperBud’s stated, “We have
been long-time industry partners of MarineMax and have similar
values of taking care of our customers and our team with a focus on
our higher margin businesses. We are excited about joining the
MarineMax team. Gaining access to their exclusive brands will
further drive our growth, especially in larger yachts. The
combination of both organizations enables SkipperBud’s to take
advantage of multiple growth opportunities in the future.”
The Company will provide additional details on the acquisition
when it reports its fiscal year 2020 results.
About MarineMax
Headquartered in Clearwater, Florida, MarineMax is the nation’s
largest recreational boat and yacht retailer. Focused on premium
brands, such as Sea Ray, Boston Whaler, Hatteras, Azimut Yachts,
Benetti, Ocean Alexander, Galeon, Grady-White, Harris, Bennington,
Crest, MasterCraft, MJM Yachts, NauticStar, Scout, Sailfish, Scarab
Jet Boats, Tige, Yamaha Jet Boats, Aquila, Aviara, and Nautique.
MarineMax sells new and used recreational boats and related marine
products and services, as well as provides yacht brokerage and
charter services. MarineMax currently has 77 retail locations in
Alabama, California, Connecticut, Florida, Georgia, Illinois,
Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey,
New York, North Carolina, Ohio, Oklahoma, Rhode Island, South
Carolina, Texas, Washington and Wisconsin. MarineMax also owns
Fraser Yachts Group and Northrop & Johnson, leading superyacht
brokerage and luxury yacht services companies with operations in
multiple countries. The Company also owns and operates MarineMax
Vacations in Tortola, British Virgin Islands. MarineMax is a New
York Stock Exchange-listed company. 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 shareholders of Skipper
Bud’s remaining as operators, the acquisition being accretive, the
Company’s long-term strategy to grow its cycle resilient higher
margin businesses, the Company’s continued growth, the future
growth of Skipper Bud’s, and the future opportunities for Skipper
Bud’s. 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 reduce inventory, manage
expenses and accomplish its goals and strategies, the quality of
the new product offerings from the Company’s manufacturing
partners, the impacts (direct and indirect) of COVID-19 on the
Company’s business, the Company’s employees, the Company’s
manufacturing partners, and the overall economy, general economic
conditions, as well as those within our industry, the level of
consumer spending, the Company’s ability to integrate acquisitions
into existing operations, the continued recovery of the industry,
and numerous other factors identified in the Company’s Form 10-K
for the fiscal year ended September 30, 2019 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201001005232/en/
Michael H. McLamb Chief Financial Officer 727-531-1700
Media: Abbey Heimensen MarineMax, Inc.
Investors: Brad Cohen or Dawn Francfort ICR, LLC
investorrelations@marinemax.com
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