~Adds Full-Service Marine Construction to Company’s Expanding Service Offerings
CLEARWATER, Fla., December 05, 2022--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced the acquisition of Midcoast Construction Enterprises, LLC ("Midcoast Marine Group"), a leading full-service marine construction company based on Central Florida’s Gulf Coast.
"Midcoast Marine Group complements our growing marina portfolio and adds a valuable skillset to our expanding service offerings," stated W. Brett McGill, Chief Executive Officer and President of MarineMax. "Adding Midcoast Marine Group to the MarineMax family gives us the team and assets to cost-effectively manage our marina construction needs and market these services to third parties. We continue to successfully execute on our strategy to acquire well-managed, high-performing, and complementary businesses."
Midcoast Marine Group CEO Jack Fulford, who founded the company in 2012, will continue to run the business. Equipped with a fleet of barges, cranes, and vessels, Midcoast Marine Group specializes in heavy civil marine construction, including marina development, port berth facilities, commercial docks, and other related services. The acquisition includes the addition of waterfront real estate along the Anclote River in Tarpon Springs, Florida. The property, which has the potential for storage expansion, serves as the haul-out location for all larger vessels in the fast-growing Tampa Bay region.
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.
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 ability to cost-effectively manage the Company's marina construction needs and market these services to third parties and the post-closing management of the Midcoast Construction Enterprises business. 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 manage expenses and accomplish its goals and strategies, 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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Michael H. McLamb
Chief Financial Officer
Scott Solomon or Laura Resag
Sharon Merrill Associates, Inc.