~Strengthens Presence in New Jersey Market - Acquires Island Marine
Center~
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 Island Marine Center.
Island Marine Center is entering its 34th year serving the
southern New Jersey boating market. Calendar 2017 revenue approximated
$10 million, making Island Marine one of the larger dealers in the
market, operating with two locations in Ocean View and Somers Point, New
Jersey. Island Marine has built its reputation on customer service,
consistent with MarineMax. Along with sales and service, it also has
extensive storage operations at both of its locations. Rick Castellini
of Island Marine, and his team, will remain to manage and lead the
operations.
William H. McGill, Jr., Chairman and Chief Executive Officer of
MarineMax, Inc. stated, "We are excited to strengthen and enhance our
already strong New Jersey presence with the Island Marine team. Rick has
done a great job building Island Marine around a similar
customer-centric service approach as MarineMax. Culturally, our two
companies are strongly aligned. With Island Marine, we are now even
better able to serve the important southern New Jersey area market."
Rick Castellini of Island Marine, stated, “We are excited about joining
the MarineMax team. This combination better enables the Island Marine
operations to grow and take advantage of new opportunities for the
future. We expect this partnership will allow Island Marine to take its
business to the next level with 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, 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 current management team remaining
to manage and lead the operations, MarineMax’s ability to serve the
important southern New Jersey area market, and the transaction enabling
the Island Marine operations to grow and to take advantage of new
opportunities for the future. 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, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180123005329/en/
Source: MarineMax, Inc.