~ Acquires Carolina Based - Hall Marine Group ~
CLEARWATER, Fla.--(BUSINESS WIRE)--
MarineMax, Inc. (NYSE:HZO), the nation's largest recreational boat and
yacht retailer, today announced that it has completed the acquisition of
substantially all of the assets of Hall Marine Group.
Hall Marine was founded in the mid 1970’s by Rod and Fran Hall. With
fiscal 2016 revenue exceeding $50 million, Hall Marine is one of the
largest privately-owned boat dealers in the Southeast. Hall Marine
operates through six locations covering the following markets:
Charlotte, North Carolina; Lake Wylie, Greenville, Columbia and
Charleston, South Carolina; and Savannah, Georgia. The locations include
two large marinas and four highway locations. The brands represented by
Hall are largely consistent with those offered by MarineMax.
MarineMax acquired substantially all of the assets of Hall Marine. The
shareholders of Hall, 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.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer
of MarineMax, Inc. stated, "We are excited to strengthen and enhance our
significant presence by adding these important Carolina and Georgia
markets. Combining with Hall Marine Group, we are better able to serve
the many boaters that migrate along the Atlantic seaboard and within the
Southeast market. Jeff and Rick Hall are well respected in our industry
and we are very proud to welcome them and the Hall Marine Group team
into MarineMax. We operate with similar strategies, and we firmly
believe that together we will be even stronger serving boating
enthusiasts in the Southeast, one of the most significant marine markets
in the country."
Jeff Hall, Co-Principal of Hall Maine Group, stated, “We have watched
MarineMax’s accomplishments over the years and have admired the business
they have built. We are excited about joining the MarineMax team. This
strategic combination better enables the Hall operations to grow and to
take advantage of new opportunities for the future. This is an
exceptional opportunity for us to take the marine business to the next
level with MarineMax.”
Rick Hall, Co-Principal of Hall Marine Group, stated, “This transaction
is very exciting for all the right reasons. Combining with MarineMax
will have a very positive impact in the boating industry for the
Southeast and Mid-Atlantic regions, especially for those who migrate as
they enjoy the boating lifestyle. Along with our founders, the entire
Hall Marine team is very happy about this merger and are all looking
forward to joining MarineMax.”
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, Meridian, Hatteras, Azimut Yachts, Ocean
Alexander, Galeon, Grady-White, Harris, Crest, Bennington, Scout,
Sailfish, Sea Pro, Sportsman, Scarab Jet Boats, Yamaha Jet Boats,
Aquila, 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 62 retail
locations in Alabama, California, 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 the shareholders of Hall Marine
remaining as operators, the potential additional payments, our future
strength in operating in the Southeast, the historical Hall operations’
potential to grow and take advantage of new opportunities for the
future, and the transaction’s impact on the boating industry and the
Mid-Atlantic region. 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
assumption 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 Hall Marine, anticipated revenue
enhancements, fiscal 2017 earnings per diluted share contribution from
the acquisition, 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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Source: MarineMax, Inc.