MarineMax Expands in Florida
~ Adds 55thStore with the Acquisition of Central Florida-Based Parker Boat Company ~
CLEARWATER, Fla.--(BUSINESS WIRE)-- MarineMax Inc. (NYS: HZO) , the nation's largest recreational boat and yacht retailer, today announced that it has acquired Parker Boat Company's retail boat sales and service operations in Orlando and Daytona, Florida. Parker Boat Company has served the boating community for over 85 years.
With this acquisition, MarineMax will now have exclusive distribution for the Sea Ray product line for the entire state of Florida as well as additional distribution territory for Boston Whaler, Grady-White, and Sea Hunt Boats, along with other brands. As part of the transaction, MarineMax will lease the Orlando and Daytona-based stores, increasing its store count to 55.
The newly acquired geographic markets are contiguous with MarineMax's existing Florida operations, and the Company expects to achieve operational benefits over time by combining the management, marketing, and infrastructure of its other stores in the region. The newly acquired stores will focus on selling their existing boat brands as well as leveraging MarineMax's additional product offerings which are needed for the marketplace.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer of MarineMax, stated, "The Parker Boat Company name is synonymous with customer service and boating throughout the Central Florida area. We look forward to building on their customer-centric traditions, which are similar to MarineMax's, while broadening their product offerings even further. Parker Boat Company's market area is a corridor to both the East and West Coasts of Florida and is also one of the fastest growing parts of the state. We believe this business combination, with the experienced Parker team and loyal customer following, combined with the integration of our contiguous stores will further strengthen our ability to serve this strong boating market."
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, Cabo, Hatteras, Azimut Yachts, Grady-White, Bayliner, Harris FloteBote, Crest, Scout, Mako, Sailfish, Nautique and Malibu, MarineMax sells new and used recreational boats and related marine products and provides yacht brokerage and charter services. MarineMax currently has 55 retail locations in Alabama, Arizona, California, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, Tennessee, 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
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 Company's expectation of achievingoperational benefits from the acquisition of Parker Boat Company over time by combining the management, marketing, and infrastructure of other stores in the region; the Company's belief that the newly acquired stores will focus on selling their existing boat brands as well as leveraging MarineMax's additional product offerings which are needed for the marketplace; the Company's expectation of building on Parker Boat Company's customer-centric traditions, while broadening their product offerings even further; and the Company's belief that this business combination, with the experienced Parker team and loyal customer following, combined with the integration of the Company's contiguous stores will further strengthen its ability to serve this strong boating market.These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this release. These risks include the Company's ability to execute its business plan and accomplish its goals and strategies, general economic conditions and the level of consumer spending, the Company's ability to integrate the Parker Boat Company acquisition into existing operations, and numerous other factors identified in the Company's Form 10-K and other filings with the Securities and Exchange Commission.
Michael H. McLamb
Chief Financial Officer
KEYWORDS: United States North America Florida
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