MarineMax Expands in Midwest
July 01 2021 - 8:30AM
Business Wire
~Acquires Minnesota Based Nisswa
Marine~
~Further Strengthens Storage and Service
Offerings~
MarineMax, Inc. (NYSE: HZO), the world’s largest recreational
boat and yacht retailer, today announced the acquisition of Nisswa
Marine (Nisswa), a full-service Midwest dealer located in Nisswa,
Minnesota. Nisswa generated revenue of over $35 million in 2020.
The acquisition is expected to be accretive in its first full
year.
Founded in the 1930’s, Nisswa Marine is one of the oldest
dealers in the country. Lead by Brent, Jeremy and Steve Wiczek,
Nisswa Marine offers premium brands, including Mastercraft, Supra,
Moomba, Chris Craft and Premier Pontoons. Providing storage for
almost 1,000 boats annually, the business has built an exceptional
reputation for its extensive service and storage operations. The
Nisswa leadership team will continue to operate the business.
W. Brett McGill, Chief Executive Officer and President of
MarineMax stated, "We have had a great relationship with the Wiczek
Family and Nisswa Marine for many years. Our cultures share similar
core values and passion for our customers and the boating
lifestyle. This strategic acquisition further enhances our ability
to serve the Minnesota area, while expanding our margins through
their expansive storage operation. We are excited that the Wiczek
family and their management team will continue to lead Nisswa’s
future growth.”
Brent J. Wiczek, President of Nisswa Marine,
stated, “We have worked closely with MarineMax for many years. This
combination will be beneficial for our mutual customers in
Minnesota and the Nisswa Team. We are excited about continuing to
drive the expansion of our business with the extensive resources of
MarineMax.”
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 100 locations
worldwide, including 77 retail dealership locations, including 30
marinas or storage operations. Through Fraser Yachts and Northrop
and Johnson, it is also the largest super-yacht services provider,
operating locations across the globe. MarineMax provides finance
and insurance services through wholly owned subsidiaries and
operates MarineMax Vacations in Tortola, British Virgin Islands.
The Company also operates Boatyard, a pioneering digital platform
that enhances the boating experience. 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 Nisswa Marine's
shareholders remaining as operators after the closing; this
acquisition enhancing the Company's ability to serve its customers
in the Minnesota area, while expanding its gross margins; the
future growth of Nisswa; the benefits of this transaction to
customers and the Nisswa team; and the expansion of Nisswa's
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 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, and numerous other factors identified in
the Company’s Form 10-K for the fiscal year ended September 30,
2020 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/20210701005264/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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