The big just got bigger. Indeed, MarineMax, the largest boat retailer in the world, just announced that it will buy Intrepid Powerboats. The two companies said they had signed a definitive agreement for the sale that will take place by the end of this year.
This is the second acquisition for MarineMax recently. In May, it bought the privately held Cruisers Yachts, which had just bought Carver and Marquis, the late Irwin Jacobs’ brands.
Founded in 1998 in Clearwater, Florida, MarineMax has 100 locations around the world, including 77 retail dealers and 31 marinas or storage operations. It says it also is the largest super-yacht services provider through Fraser Yachts and Northrop and Johnson, and it runs MarineMax Vacations in Tortola, BVI.
Intrepid’s fleet of high-end boats includes 19 models from 24 to 47 feet. Its flagship, the 477 Evolution, is pictured above. Powered by four 425-hp Yamaha outboards, the Evolution tops out at 59 knots.
Intrepid was founded in 1983 and now has 70 employees at two locations. Based in Largo, Florida, it sells boats through a direct distribution model. It reports revenue of $60 million in the past 12 months.
On the day of the announcement, MarineMax stock (HZO, NYSE) closed at $50.94. It was as low as $1.44 in February, 2009, after the stock market crash, and just $10.52 in March, 2020, after the pandemic.
Brett McGill, the CEO and president of MarineMax, said, “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 base.” He also said the purchase “aligns with our long-term strategy of adding quality businesses to our portfolio.”
For his part, Ken Clinton, the president of Intrepid, said, “We are excited to join the MarineMax family and to have access to their vast resources. Those resources will help us to continue to lead the industry in innovation and bringing new product to market.” Read more:
https://finance.yahoo.com/news/marinemax-acquire-intrepid-powerboats-120000969.html
