MarineMax to Acquire Intrepid Powerboats
05 Outubro 2021 - 09:00AM
Business Wire
~Iconic Custom Boat Builder with Loyal
Customer Base~
~Will Leverage Infrastructure for Strategic
Growth~
~Acquisition Expected to be Accretive in
First Full Year~
MarineMax, Inc. (NYSE: HZO), the world’s largest recreational
boat and yacht retailer, announced today that it has entered into a
definitive agreement to acquire Intrepid Powerboats (Intrepid), a
premier manufacturer of powerboats. MarineMax expects the
acquisition to close before December 31, 2021, and to be accretive
in its first full twelve-month period.
Intrepid Powerboats is recognized as a world class producer of
customized boats, carefully reflecting the unique desires of each
individual owner. Based in Largo, Florida, Intrepid follows a
direct-to-consumer distribution model and produced revenue in
excess of $60 million in the last twelve months. Intrepid has
received many awards and accolades for its innovations and
high-quality craftsmanship that create industry leading products in
their categories.
W. Brett McGill, Chief Executive Officer and President of
MarineMax, stated, “The strategic acquisition of Intrepid
Powerboats allows us to provide Intrepid with additional resources
to expand and to enhance how it serves their extremely loyal
customer base. We believe we can help grow the Intrepid brand by
leveraging our digital technologies, capital and other resources.
This accretive acquisition aligns with our long-term strategy of
adding quality businesses to our portfolio and implementing best
practices to support the expansion of our gross margins.”
Mr. McGill continued, “We welcome the seasoned, passionate and
successful Intrepid team. We know Ken Clinton and his leadership
team well, given their successes within our industry. The Intrepid
management team is recognized among the best in our industry and we
are excited to have them join our team while continuing to lead the
operations of Intrepid.”
Ken Clinton, President of Intrepid Powerboats, commented, “We
are excited to join the MarineMax family and to have access to
their vast resources. Those resources will help us continue to lead
the industry in innovation and bringing new product to market. This
opportunity also allows our Vice President of Sales, Alex Rizo, to
have access to better tools to help enhance the sales experience
for our Dania sales headquarters. We will now also have a national
service model for our Vice President of Customer Service, Joe
Brenna, in order to ensure all of our customers continue to have
first class customer service. The merger allows Intrepid to take
all aspects of the business to the next level, and that’s what we
have always been about and why I am excited about the future with
MarineMax.”
David Gillikin, Chairman of Intrepid Powerboats and majority
shareholder, stated, “I am very passionate about Intrepid
Powerboats, the Intrepid team and our customers. There is no
organization better suited to help guide Intrepid for the future
than MarineMax. I look forward to many more years as a loyal
Intrepid boat owner while watching the company and team grow.”
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. 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 the timing for the
transaction's closing (if at all), the transaction being accretive
and the related timing, the potential expansion and enhancement of
Intrepid's business, the alignment of the acquisition with the
Company's long-term strategy, the Company's implementation of best
practices to support the expansion of gross margins, the strategic
benefits of this transaction to the Company and to Intrepid, and
the expected benefits of the Company's infrastructure. 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/20211005005461/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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