MarineMax Expands In Texas
April 17 2019 - 8:00AM
Business Wire
~Acquires Sail & Ski Center~
MarineMax, Inc. (NYSE: HZO), the nation's largest recreational
boat and yacht retailer, today announced that it has completed the
acquisition of Sail & Ski Center, a highly awarded boat
dealership operating in the fast-growing markets of Austin and San
Antonio, Texas.
Sail & Ski Center was founded in 1969 by the late Rod
Malone, a well-respected and passionate boating enthusiast. Since
the inception of Boating Industry Magazine’s ranking of the Top 100
Dealers in North America, Sail & Ski has been ranked in the top
10. Sail & Ski was recognized as the best dealer in North
America in 2018 after also earning that title in 2010. Fiscal 2018
revenue for Sail & Ski’s three locations exceeded $40 million,
with operations that serve the Austin and San Antonio, Texas
markets. The brands represented by Sail & Ski are largely
consistent or complimentary with those offered by MarineMax. Sail
& Ski’s operations include a robust water sports and snow
sports accessory business.
MarineMax acquired substantially all of Sail & Ski’s assets.
The shareholders of Sail & Ski, who will remain as its
operators, received an initial cash payment at closing and have the
ability to earn additional payments, subject to achieving certain
performance metrics in the future.
W. Brett McGill, Chief Executive Officer and President of
MarineMax, Inc. stated, "We are excited to strengthen and enhance
our presence in the large and important Texas market by adding the
Sail & Ski operations to our existing Texas business in the
Dallas and Houston markets. Buzz Watkins and Doug Malone, the
operators of the business, are well respected in our industry and
we are very proud to welcome them and the Sail & Ski team to
the MarineMax family. We are looking forward to combining best
practices with Sail & Ski, especially in the towboat market and
the parts and accessory area, which they do better than most. We
operate with similar customer centric strategies, and we firmly
believe that together we will be even stronger serving boating
enthusiasts in the growing Texas market.”
Buzz Watkins, President of Sail & Ski, stated, “We have been
long-time industry partners of MarineMax and have watched and
admired their accomplishments over the years. We are excited about
joining the MarineMax team. We believe access to their exclusive
brands will further drive our growth. This strategic combination
better enables Sail & Ski to grow and take advantage of new
opportunities in the future.”
The Company will provide an update to its fiscal 2019 guidance
during its March quarter earnings release scheduled for April 25,
2019.
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,
Ocean Alexander, Galeon, Grady-White, Harris, Bennington, Crest,
MasterCraft, 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 67 retail locations in Alabama,
Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota,
Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma,
Rhode Island, South Carolina and Texas 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 Sail & Ski’s potential
future achievement of certain performance metrics, the combination
of the Company’s practices with Sail & Ski’s, the strength of
the combination of the Company and Sail & Ski in serving
boating enthusiasts in the growing Texas market and in enabling
Sail & Ski’s future growth, Sail & Ski’s access to
MarineMax’s exclusive brands further driving growth and the
consistent or complementary nature of the brands represented by
Sail & Ski and MarineMax. 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 accomplish its
goals and strategies, the success of the acquisition, synergies
expected from the acquisition, the ease of integration of Sail
& Ski, anticipated revenue enhancements, general economic
conditions and the level of consumer spending, and numerous other
factors identified in the Company’s Form 10-K 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/20190417005240/en/
Michael H. McLambChief Financial OfficerMarineMax, Inc.
Abbey HeimensenPublic Relations727.531.1700
Brad Cohen - Investor RelationsICR, LLC.203.682.8211
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