MarineMax acquires powerboat manufacturer
MarineMax has entered into a definitive agreement to acquire powerboat manufacturer Intrepid Powerboats and expects the acquisition to close before 31 December 2021, and to be accretive in its first full twelve-month period.
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.
William Brett McGill, chief executive officer and president of MarineMax, states: “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.”
McGill continues: “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 recognised 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, says: “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, states: “I am very passionate about Intrepid Powerboats, the Intrepid team and our customers. There is no organisation 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.”
Recreational boat and yacht retailer, MarineMax sells 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.
