US boat retailer expands

By IBI Magazine / Ed Slack

Florida-based MarineMax, the US's largest recreational boat retailer, has acquired Gulfwind Marine Partners, and Affiliates (Gulfwind Marine), a privately held boat dealership with locations in Sarasota, Venice and Cape Haze, Florida.

Gulfwind Marine generated approximately US$60 million of revenue in its most recently completed fiscal year, making it MarineMax's largest single acquisition since becoming a public company.

Under the terms of the agreement, MarineMax acquired substantially all the assets, including the owned sales and marina facilities valued in excess of US$6 million, and assumed certain liabilities of Gulfwind Marine for approximately US$16 million in cash. MarineMax expects the transaction to contribute to fiscal 2003 earnings and subsequent years as the full synergies from the acquisition are realised.

(9 April 2002)