MarineMax, Inc. (NYSE: HZO), the nation's largest recreational boat and yacht retailer, announced Wednesday that it completed the acquisition of Sail & Ski Center, a boat dealership operating in Austin and San Antonio, Texas.
The terms of the acquisition were not disclosed. Sail & Ski shareholders, who will remain as its operators, received an initial cash payment as part of the purchase and will have the opportunity to earn additional future performance-based payments.
Sail & Ski Center has been ranked in the top 10 of Boating Industry Magazine's top 100 North American dealer list since the list's inception, according to MarineMax.
Why It's Important
The brands represented by Sail & Ski are largely consistent or complimentary with those offered by MarineMax, according to the press release.
The dealership's fiscal revenue in 2018 topped $40 million.
Why It's Important
"We are looking forward to combining best practices with Sail & Ski, especially in the towboat market and the parts and accessory area, which they do better than most," MarineMax President and CEO W. Brett McGill said in a statement.
"We operate with similar customer centric strategies, and we firmly believe that together we will be even stronger serving boating enthusiasts in the growing Texas market."
MarineMax said it will provide an update to its fiscal 2019 guidance on its April 25 earnings call.
The company's shares were trading up 1.27 percent at $19.91 at the time of publication Wednesday.
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