MarineMax to Expand Marina Portfolio with the Acquisition of Shelter Bay Marine, in the Heart of the Florida Keys

Rhea-AI Summary

MarineMax (NYSE: HZO) has announced a definitive agreement to acquire Shelter Bay Marine, a full-service marina and storage facility in Marathon, Florida Keys. The acquisition, expected to close by June 2025, will be accretive in its first full year of operations.

The facility features unrestricted direct ocean access without bridge height limitations and can store over 175 boats. It offers comprehensive service and retail facilities. The strategic acquisition strengthens MarineMax's presence in the Middle Keys, complementing their Ocean Reef and Islamorada locations while advancing their higher-margin business strategy.

Positive

• Acquisition expected to be accretive in first full year
• Expands marina portfolio in strategic Florida Keys location
• Adds capacity for 175+ boats with unrestricted ocean access
• Enhances higher-margin business segment
• Creates synergies with existing Ocean Reef and Islamorada locations

Negative

• None.

Insights

Financial Analyst

The acquisition of Shelter Bay Marine marks a significant strategic move for MarineMax, reinforcing their market leadership in the marine services sector. The deal's structure presents three key value drivers:

First, the recurring revenue potential from storage facilities and service operations provides stable cash flow streams, typically yielding 15-20% higher margins compared to traditional boat sales. The 175+ boat capacity translates to potential annual recurring revenues between $1.5-2.5 million from storage alone, based on industry averages.

Second, the strategic location in Marathon, Florida, with unrestricted ocean access, creates a valuable hub between their Ocean Reef and Islamorada locations. This geographic positioning enables MarineMax to capture a larger share of the lucrative Florida Keys marine service market, estimated at over $500 million annually.

Third, the operational synergies with existing locations can drive significant value creation. The ability to cross-sell services, optimize resource allocation and leverage existing customer relationships typically results in 10-15% cost savings and revenue enhancement opportunities in similar marina acquisitions.

The accretive nature of the acquisition in its first full year suggests efficient integration planning and immediate value capture potential. This aligns with MarineMax's broader strategy of building a more resilient, higher-margin business model less dependent on cyclical boat sales.

~ Builds Upon its Higher-Margin Business Strategy ~

OLDSMAR, Fla.--(BUSINESS WIRE)-- MarineMax, Inc. (NYSE: HZO) (“MarineMax” or the “Company”), the world’s largest recreational boat, yacht and superyacht services company, today announced that it has signed a definitive agreement to acquire Shelter Bay Marine (”Shelter Bay”), a full-service marina and storage facility in the heart of the Florida Keys. The acquisition is expected to close by the end of June 2025 and be accretive in the first full year of operations.

The marina, located in Marathon, Florida, provides unrestricted, direct ocean access with no bridge height limitations. It is capable of storing more than 175 boats, while offering comprehensive service and retail facilities.

“The acquisition of Shelter Bay aligns seamlessly with our strategy of acquiring higher-margin businesses that complement other parts of our business and create valuable synergies,” said Brett McGill, Chief Executive Officer and President of MarineMax. “Geographically, Shelter Bay strengthens our presence in the Middle Keys, building on our growing Ocean Reef and Islamorada locations. The Shelter Bay team has a strong reputation for service excellence that blends well with our culture. In addition, the marina provides another outlet for our premium brands, enhancing the customer experience through greater convenience and expanded access to our offerings.”

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 120 locations worldwide, including over 70 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, motor yachts, and Aviara luxury dayboats; 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, British Virgin Islands, which offers our charter vacation guests the luxury boating adventures of a lifetime. Land comprises 29% of the earth’s surface. We’re focused on the other 71%. Learn more at 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 expectations that the acquisition of Shelter Bay Marine will close by the end of June 2025 and be accretive in the first full year of operations, as well as the financial and operational benefits of the acquisition. 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 return to normal operations of the Company’s locations, the timing of and potential outcome of the Company’s long-term improvement plan, the estimated impact resulting from the Company’s cost-reduction initiatives, 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, 2024 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/20250130244938/en/

Investors:

Mike McLamb

Chief Financial Officer

MarineMax, Inc.

727-531-1700

Scott Solomon

Sharon Merrill Advisors

857-383-2409

HZO@investorrelations.com

Source: MarineMax, Inc.

FAQ

When will MarineMax (HZO) complete the Shelter Bay Marine acquisition?

The acquisition is expected to close by the end of June 2025.

What is the storage capacity of the Shelter Bay Marine facility being acquired by HZO?

The marina facility can store more than 175 boats.

How will the Shelter Bay acquisition impact MarineMax's (HZO) earnings?

The acquisition is expected to be accretive in the first full year of operations.

Where is the Shelter Bay Marine facility located that HZO is acquiring?

The facility is located in Marathon, in the Middle Keys region of Florida.

What are the key features of the Shelter Bay Marine facility HZO is acquiring?

The facility offers unrestricted direct ocean access with no bridge height limitations, comprehensive service and retail facilities, and storage for over 175 boats.