MarineMax Completes the Acquisition of Intrepid Powerboats
November 03 2021 - 8:30AM
Business Wire
MarineMax, Inc. (NYSE: HZO), the world’s largest recreational
boat and yacht retailer, announced today that it has completed the
acquisition of Intrepid Powerboats (Intrepid), a premier
manufacturer of powerboats.
Intrepid Powerboats is recognized as a world class producer of
customized boats, carefully reflecting the unique desires of each
individual owner. Intrepid follows a direct-to-consumer
distribution model and has received many awards and accolades for
its innovations and high-quality craftsmanship that create industry
leading products in their categories. Intrepid produced revenue in
excess of $60 million during the last twelve-months.
W. Brett McGill, Chief Executive Officer and President of
MarineMax, stated, “We are excited to add Intrepid Powerboats to
the growing list of strategic acquisitions we have completed.
Providing Intrepid with additional resources to enhance how it
serves its loyal customer base, while leveraging our digital
technologies and capital, will allow it to continue to innovate and
grow. We are happy that Ken Clinton and the Intrepid management
team have joined our family and will continue to operate the
business.”
Raymond James Investment Banking Marine Team was the advisor for
Intrepid Powerboats.
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, which includes
31 marinas or storage operations. Through Fraser Yachts and
Northrop and Johnson, the Company also is the largest super-yacht
services provider, operating locations across the globe. Cruisers
Yachts, a MarineMax company, manufacturers boats and yachts with
sales through our select retail dealership locations and through
independent dealers. Intrepid Powerboats, a MarineMax company,
manufacturers 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 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 Intrepid's continued
innovation and growth and the management team's continued operation
of the 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211103005465/en/
Michael H. McLamb Chief Financial Officer
Media: Abbey Heimensen Public Relations MarineMax, Inc.
727-531-1700
Investors: Brad Cohen ICR, LLC 203-682-8211
bcohen@icrinc.com Dawn Francfort 646-677-1859
Dawn.Francfort@icrinc.com
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