~Acquires Sail & Ski 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
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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190417005240/en/
Michael H. McLamb
Chief Financial Officer
MarineMax, Inc.
Abbey Heimensen
Public Relations
727.531.1700
Brad Cohen - Investor Relations
ICR, LLC.
203.682.8211
Source: MarineMax, Inc.