MarineMax Expands Technology Investments Through New Wave Innovations
07 Dezembro 2022 - 10:00AM
Business Wire
~New Entity Will Serve as a Foundation to
Drive Industry Technology Growth~
~Company Announces Agreement to Acquire
Remaining Interest in Boatzon~
MarineMax, Inc. (NYSE: HZO), the world’s largest recreational
boat and yacht retailer, today announced the formation of New Wave
Innovations, a new business that will invest in and grow
technology-related products and services. Boatyard, which was
previously acquired and recently recognized as a top innovative
company, and Boatzon will fall under this new entity.
MarineMax today announced that it has entered into a definitive
agreement to acquire the remaining seventy-five percent interest in
Boatzon, that it does not already own. The closing is expected in
the Company’s fiscal second quarter ending March 31, 2023. Boatzon
is the first 100 percent online boat and marine retailer providing
secure direct marketplace services. Since making its initial
investment in Boatzon in December 2021, MarineMax has been
partnering with the Boatzon team to grow product capabilities and
expand service offerings, serving both customers and marine
dealers. As the partnership and Boatzon business have grown, the
two companies are now teaming up to accelerate growth
opportunities. Boatzon will operate as an independent company
managed by co-founders Bryan Lenett, Michael Muchnick, and their
team.
Shawn Berg, EVP, Chief Digital Officer of MarineMax and New Wave
Innovations President stated, “Aligning our passion for boating
with entrepreneurship and technology growth opportunities will
advance our Company’s strategic growth. We look forward to Bryan,
Michael, and the entire Boatzon team joining the MarineMax family.
The formation of New Wave Innovations is an incredible opportunity
for MarineMax to partner with entrepreneurial technology companies
seeking the resources and expertise to accelerate the growth of
their businesses.”
W. Brett McGill, Chief Executive Officer and President of
MarineMax, stated, “Innovation and technology have been at the
forefront of our strategy to build an integrated company that is a
leader in marine products, services, and experiences. We are
excited about our ability to selectively invest in and grow
businesses such as Boatyard and Boatzon. New Wave Innovations
provides us with an exclusive technology growth engine to build on
that success.”
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 125 locations worldwide, including 78
retail dealership locations, some of which include marinas.
Collectively, with the IGY acquisition, MarineMax owns or operates
57 marinas worldwide. Through Fraser Yachts and Northrop &
Johnson, the Company also is the largest superyacht services
provider, operating locations across the globe. Cruisers Yachts, a
MarineMax company, manufactures boats and yachts with sales through
our select retail dealership locations and through independent
dealers. Intrepid Powerboats, a MarineMax company, manufactures
powerboats and sells through a direct-to-consumer model. MarineMax
provides finance and insurance services through wholly owned
subsidiaries and operates MarineMax Vacations in Tortola, British
Virgin Islands. The Company also owns Boatyard, an industry-leading
customer experience digital product company. 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 expected investments of
New Wave Innovations, the closing of the acquisition of the
remaining 75% interest in Boatzon, Boatzon's operation as an
independent company, the advancement of the Company's strategic
growth, and the Company's ability to invest and grow certain
businesses. 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 performance and integration of the recently-acquired
businesses, general economic conditions, as well as those within
the Company's industry, the level of consumer spending, and
numerous other factors identified in the Company’s Form 10-K for
the fiscal year ended September 30, 2022 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/20221206006035/en/
Investors: Michael H. McLamb Chief Financial Officer
727-531-1700
Scott Solomon or Laura Resag Sharon Merrill Associates, Inc.
investors@marinemax.com
Media: Katherine Cooper MarineMax, Inc.
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