World News: 13:00 GMT Wednesday 17th April 2019. [MarineMax, Inc. via Businesswire via SPi World News]
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.
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.
Business Wire: 13:00 GMT Wednesday 17th April 2019
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