MarineMax forms new technology business
Boat and yacht retailer MarineMax has formed a new business called New Wave Innovations, which will invest in and grow technology-related products and services.
Digital customer experience platform Boatyard and online retailer Boatzon will both fall under this new entity.
To form New Wave Innovations, MarineMax is acquiring the remaining seventy-five per cent interest in Boatzon that it does not already own. The closing is expected in the company’s fiscal second quarter ending 31 March 2023.
Boatzon is an online boat and marine marketplace. Since making its initial investment in Boatzon in December 2021, MarineMax says it has been partnering with the Boatzon team to grow product capabilities and expand service offerings, serving both customers and marine dealers. 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, says: “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, adds: “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.”
The news comes just days after MarineMax acquired Midcoast Construction Enterprises (Midcoast Marine Group), a full-service marine construction company based on central Florida’s Gulf Coast.
In October, MarineMax posted record results for its fourth quarter and full fiscal year ending 30 September 2022, with revenue growing over 16 per cent for the comparable quarter last year.
