~Strengthens Presence in New Jersey Market – Acquires Island Marine Center~
CLEARWATER, Fla.–(BUSINESS WIRE)–MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational boat and yacht retailer, today announced that it has completed the acquisition of substantially all of the assets of Island Marine Center.
Island Marine Center is entering its 34th year serving the southern New Jersey boating market. Calendar 2017 revenue approximated $10 million, making Island Marine one of the larger dealers in the market, operating with two locations in Ocean View and Somers Point, New Jersey. Island Marine has built its reputation on customer service, consistent with MarineMax. Along with sales and service, it also has extensive storage operations at both of its locations. Rick Castellini of Island Marine, and his team, will remain to manage and lead the operations.
William H. McGill, Jr., Chairman and Chief Executive Officer of MarineMax, Inc. stated, “We are excited to strengthen and enhance our already strong New Jersey presence with the Island Marine team. Rick has done a great job building Island Marine around a similar customer-centric service approach as MarineMax. Culturally, our two companies are strongly aligned. With Island Marine, we are now even better able to serve the important southern New Jersey area market.”
Rick Castellini of Island Marine, stated, “We are excited about joining the MarineMax team. This combination better enables the Island Marine operations to grow and take advantage of new opportunities for the future. We expect this partnership will allow Island Marine to take its business to the next level with MarineMax.”
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, Meridian, Hatteras, Azimut Yachts, Ocean Alexander, Galeon, Grady-White, Harris, Crest, Bennington, Scout, Sailfish, Sea Pro, Sportsman, Scarab Jet Boats, Yamaha Jet Boats, Aquila, 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 62 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 the current management team remaining to manage and lead the operations, MarineMax’s ability to serve the important southern New Jersey area market, and the transaction enabling the Island Marine operations to grow and to take advantage of new opportunities for the future. 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 assumption the Company’s abilities to accomplish its goals and strategies, the success of the acquisition, synergies expected from the acquisition, 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.
Michael H. McLamb
Chief Financial Officer
Integrated Corporate Relations, Inc.
Brad Cohen, 203-682-8211
Susan Hartzell, 203-682-8238
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