MarineMax (HZO) Arm to Acquire Atalanta Golden Yachts in Greece
MarineMax, Inc. HZO recently announced that its wholly owned subsidiary, Fraser Yachts, has entered into a definitive deal to acquire a controlling interest in Atalanta Golden Yachts. However, its financial terms were kept under wraps.
MarineMax’s shares increased 2.7% yesterday to eventually close the trading session at $32.36.
Based in Athens, Greece, Atalanta Golden Yachts is a well-recognized yachting agency engaged in several activities, from chartering and brokerage to yacht management, among others. The company provides its expertise in managing luxury charters for several clients in Greece and other parts of the world, including France, Croatia, Italy, Turkey, the Red Sea, as well as the Caribbean.
Acquisition Rationale
The latest buyout is in sync with MarineMax’s policy of acquiring companies to expand into higher-margin businesses and extend its presence globally. The addition of Atalanta Golden Yachts’ expertise in the yachting industry and widespread client network will enable MarineMax to provide comprehensive yachting offerings to its growing number of customers throughout the world.
MarineMax expects the transaction to be closed by the end of this year and be accretive in its first year of operations.
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The Zacks Rank #4 (Sell) company’s shares have lost 4.2% compared with the industry’s decline of 5.5% in the past month.
Other Inorganic Moves
MarineMax believes in strengthening its businesses through the addition of assets. The company closed the buyout of C&C Boat Works in June 2023. The transaction expanded MarineMax’s footprint in Minnesota to five locations. The buyout boosted its operational capability and efficiencies in the region. A couple of other notable buyouts made by the company include IGY Marinas in October 2022 and Nisswa Marine in July 2021.
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