MarineMax Enters into Asset Exchange Agreement for Aviara Brand of Luxury Dayboats with MasterCraft Boat Holdings
MarineMax (NYSE: HZO) has entered into an asset exchange agreement with MasterCraft Boat Holdings for the Aviara brand of luxury dayboats. As part of the deal, MarineMax's Cruisers Yachts subsidiary will acquire the rights to the Aviara brand, related intellectual property, molds, tooling, and inventory. MarineMax will also manage existing manufacturer warranties and market the brand.
The agreement does not include Aviara production facilities or personnel. MarineMax has been the primary retail distributor for Aviara since its launch in 2019. The transaction is expected to close within 90 days, subject to customary conditions. MarineMax CEO Brett McGill stated that they will evaluate the production plan for Aviara based on consumer demand, existing manufacturing capacity, and overall strategy as the recreational marine market recovers.
MarineMax (NYSE: HZO) ha stipulato un accordo di scambio di beni con MasterCraft Boat Holdings per il marchio Aviara di yacht di lusso da giorno. Come parte dell'accordo, la controllata Cruisers Yachts di MarineMax acquisirà i diritti sul marchio Aviara, la proprietà intellettuale correlata, gli stampi, gli attrezzi e l'inventario. MarineMax gestirà anche le garanzie dei produttori esistenti e commercializzerà il marchio.
L'accordo non include le strutture di produzione o il personale di Aviara. MarineMax è stato il principale distributore al dettaglio per Aviara sin dal suo lancio nel 2019. Si prevede che la transazione si chiuda entro 90 giorni, soggetta a condizioni consuete. Il CEO di MarineMax, Brett McGill, ha dichiarato che valuteranno il piano di produzione per Aviara in base alla domanda dei consumatori, alla capacità produttiva esistente e alla strategia complessiva, mentre il mercato marino ricreativo si riprende.
MarineMax (NYSE: HZO) ha firmado un acuerdo de intercambio de activos con MasterCraft Boat Holdings para la marca Aviara de lujosos barcos de día. Como parte del acuerdo, la subsidiaria Cruisers Yachts de MarineMax adquirirá los derechos de la marca Aviara, la propiedad intelectual relacionada, los moldes, las herramientas y el inventario. MarineMax también gestionará las garantías de los fabricantes existentes y comercializará la marca.
El acuerdo no incluye las instalaciones de producción o el personal de Aviara. MarineMax ha sido el principal distribuidor minorista de Aviara desde su lanzamiento en 2019. Se espera que la transacción se cierre en un plazo de 90 días, sujeta a condiciones habituales. El CEO de MarineMax, Brett McGill, afirmó que evaluarán el plan de producción para Aviara en función de la demanda del consumidor, la capacidad de fabricación existente y la estrategia general, a medida que el mercado marino recreativo se recupera.
MarineMax (NYSE: HZO)는 MasterCraft Boat Holdings와 고급 데이 보트의 Aviara 브랜드에 대한 자산 교환 계약을 체결했습니다. 계약의 일환으로 MarineMax의 Cruisers Yachts 자회사는 Aviara 브랜드에 대한 권리와 관련 지식 재산, 금형, 도구 및 재고를 인수합니다. MarineMax는 또한 기존 제조업체 보증을 관리하고 브랜드를 마케팅할 것입니다.
계약에는 Aviara 생산 시설이나 인원이 포함되어 있지 않습니다. MarineMax는 2019년 출시 이후 Aviara의 주요 소매 유통업체였습니다. 거래는 일반적인 조건에 따라 90일 이내에 완료될 것으로 예상됩니다. MarineMax CEO인 Brett McGill은 레크리에이셔널 해양 시장이 회복됨에 따라 소비자 수요, 기존 제조 능력 및 전체 전략에 따라 Aviara 생산 계획을 평가할 것이라고 밝혔습니다.
MarineMax (NYSE: HZO) a conclu un accord d'échange d'actifs avec MasterCraft Boat Holdings pour la marque Aviara de bateaux de jour de luxe. Dans le cadre de l'accord, la filiale Cruisers Yachts de MarineMax acquérera les droits de la marque Aviara, la propriété intellectuelle associée, les moules, les outils et l'inventaire. MarineMax gérera également les garanties des fabricants existants et commercialisera la marque.
L'accord n'inclut pas les installations de production ou le personnel d'Aviara. MarineMax a été le principal distributeur au détail d'Aviara depuis son lancement en 2019. La transaction devrait être conclue dans un délai de 90 jours, sous réserve de conditions habituelles. Le PDG de MarineMax, Brett McGill, a déclaré qu'ils évalueront le plan de production pour Aviara en fonction de la demande des consommateurs, de la capacité de fabrication existante et de la stratégie globale, alors que le marché récréatif maritime se redresse.
MarineMax (NYSE: HZO) hat eine Vermögensübertragungsvereinbarung mit MasterCraft Boat Holdings für die Aviara-Marke von Luxus-Tagbooten abgeschlossen. Im Rahmen des Deals wird die Tochtergesellschaft Cruisers Yachts von MarineMax die Rechte an der Aviara-Marke, das dazugehörige geistige Eigentum, Formen, Werkzeuge und den Bestand erwerben. MarineMax wird zudem bestehende Herstellergarantien verwalten und die Marke vermarkten.
Die Vereinbarung umfasst nicht die Produktionsstätten oder das Personal von Aviara. MarineMax ist seit der Einführung von Aviara im Jahr 2019 der Hauptvertriebshändler. Der Abschluss der Transaktion wird innerhalb von 90 Tagen erwartet, vorbehaltlich üblicher Bedingungen. Der CEO von MarineMax, Brett McGill, erklärte, dass sie den Produktionsplan für Aviara basierend auf der Nachfrage der Verbraucher, der bestehenden Produktionskapazität und der Gesamtstrategie bewerten werden, während sich der Freizeitmarinemarkt erholt.
- Acquisition of Aviara brand and related assets strengthens MarineMax's luxury dayboat portfolio
- MarineMax gains control over a brand they have been the primary distributor for since 2019
- Potential for increased revenue and market share in the luxury dayboat segment
- No acquisition of production facilities or personnel, potentially limiting immediate production capabilities
- Future production plans dependent on market recovery and consumer demand
- Potential costs associated with managing warranties and marketing the brand
Insights
This asset exchange agreement between MarineMax and MasterCraft is a strategic move with potential long-term benefits for MarineMax. By acquiring the Aviara brand, MarineMax expands its portfolio in the luxury dayboat segment, which could drive future revenue growth. However, the immediate financial impact is likely minimal.
The deal's structure, involving an asset exchange rather than a cash transaction, suggests a capital-efficient approach. This allows MarineMax to acquire a brand and related assets without significant cash outlay, preserving liquidity in a challenging market. The company's plan to evaluate production based on demand indicates a cautious, market-driven strategy that could help manage costs and inventory effectively.
While this move strengthens MarineMax's market position, investors should note that the recreational marine market is currently in a recovery phase. The full benefits of this acquisition may not materialize immediately, making this a long-term strategic play rather than a short-term catalyst for stock performance.
This asset exchange signifies a strategic consolidation in the luxury dayboat market. MarineMax, already the primary distributor for Aviara, is now vertically integrating by assuming control of the brand. This move could potentially lead to improved margins and greater control over the product line.
The luxury dayboat segment has shown resilience even in challenging economic conditions, appealing to high-net-worth individuals. By strengthening its position in this niche, MarineMax is diversifying its portfolio and potentially insulating itself from fluctuations in other segments of the recreational marine market.
However, the success of this strategy will depend on MarineMax's ability to maintain and enhance the Aviara brand's reputation. The company's experience as a distributor should provide valuable insights, but brand management and product development will be important for long-term success in this competitive market segment.
In addition to the Aviara brand and related intellectual property, MarineMax is receiving certain assets, including molds, tooling, and inventory. As part of the agreement, MarineMax will also administer the existing manufacturer warranties and market the brand. The agreement does not include any Aviara production facilities or personnel, which will remain with MasterCraft.
“MarineMax has been the primary retail distributor for the Aviara portfolio since the brand was launched in 2019, so we were a logical choice to assume control of the brand when this unique opportunity became available,” said Brett McGill, MarineMax’s Chief Executive Officer and President. “MasterCraft has done an outstanding job building Aviara into a highly regarded luxury dayboat brand. Today’s announcement helps us ensure that customers who have purchased an Aviara boat will continue to receive the industry-leading level of service and after-market support that has defined the MarineMax customer experience for the past 26 years. As the recreational marine market recovers, we will evaluate the production plan for Aviara based on consumer demand, our existing manufacturing capacity, and alignment with our overall strategy.”
The transaction remains subject to customary closing conditions and is expected to be completed within the next 90 days.
About MarineMax
As the world’s largest lifestyle retailer of recreational boats and yachts, as well as yacht concierge and superyacht services, MarineMax (NYSE: HZO) is United by Water. We have over 125 locations worldwide, including over 75 dealerships and 65 marina and storage facilities. Our integrated business includes IGY Marinas, which operates luxury marinas in yachting and sport fishing destinations around the world; Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies; Cruisers Yachts, one of the world’s premier manufacturers of premium sport yachts and motor yachts; and Intrepid Powerboats, a premier manufacturer of powerboats. To enhance and simplify the customer experience, we provide financing and insurance services as well as leading digital technology products that connect boaters to a network of preferred marinas, dealers, and marine professionals through Boatyard and Boatzon. In addition, we operate MarineMax Vacations in Tortola,
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 those relating to our anticipated assumption of the rights to the Aviara brand, the customer service and support Aviara customers will receive and the evaluation of, and factors we will consider, in evaluating our production plan for Aviara. 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 Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance and integration of the recently acquired businesses, general economic conditions, as well as those within the Company's industry, the liquidity and strength of our bank group partners, the level of consumer spending, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2023 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808265584/en/
Investors:
Mike McLamb
Chief Financial Officer
MarineMax, Inc.
727-531-1700
Scott Solomon
Sharon Merrill Advisors
HZO@investorrelations.com
617-320-8282
Source: MarineMax, Inc.
FAQ
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