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~ Acquires Private Insurance Services, Inc. ~
~ Continues to Focus on Expanding Gross Margins ~
~ Committed to Offering Exceptional Customer Full-Service Solutions ~
MarineMax, Inc. (NYSE: HZO), the nation's largest recreational boat and yacht retailer, today announced that it acquired Private Insurance Services, a specialty yacht insurance agency. Private Insurance Services, an affiliate and part of the recent acquisition of Northrop & Johnson, provides yacht insurance programs for top yacht management groups, maritime attorneys and brokerage houses worldwide.
With the acquisition, MarineMax enters the yacht insurance segment of the industry, expanding its strong financial services portfolio and providing full access to leading superyacht, yacht and boating insurance programs, benefiting customers, partners and affiliates worldwide. Private Insurance Services is led by yacht insurance veterans that utilize expertise in complex underwriting, including understanding the exposures of an owner, captain, crew, guests, tenders and navigation, enabling them to provide insurance solutions. Private Insurance Services offers uniquely designed protection so customers can confidently cruise locally or throughout the world.
W. Brett McGill, Chief Executive Officer and President of MarineMax, stated, "The acquisition of Private Insurance Services will strengthen our comprehensive approach to serving our customers. This acquisition also creates another significant growth opportunity for the Company as we continue our efforts to diversify into higher margin businesses. Private Insurance Services strengthens our mission to offer the best customer experience in the world, by assisting clients anytime, anywhere to ensure they are always protected. Expanding our insurance capabilities provides us with another growth opportunity, while giving peace of mind to our customers as they enjoy time on the water with family and friends."
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, Hatteras, Azimut Yachts, Benetti, Ocean Alexander, Galeon, Grady-White, Harris, Bennington, Crest, MasterCraft, MJM Yachts, NauticStar, Scout, Sailfish, Scarab Jet Boats, Tige, Yamaha Jet Boats, Aquila, Aviara, and Nautique. MarineMax sells new and used recreational boats and related marine products and services, as well as provides yacht brokerage and charter services. MarineMax currently has 59 retail locations in Alabama, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina and Texas. MarineMax also owns Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies with operations in multiple countries. The Company also owns 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.
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 enhancement of the Company’s total solutions approach due to the acquisition of Private Insurance Services and the diversification of the Company into higher margin businesses. 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 impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners, and the overall economy, general economic conditions, as well as those within our industry, the level of consumer spending, the Company’s ability to integrate acquisitions into existing operations, the continued recovery of the industry, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2019 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.
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Michael H. McLamb
Chief Financial Officer
Brad Cohen or Dawn Francfort