MarineMax, Inc. the world’s largest recreational boat and yacht retailer, announced today that it has entered into an agreement to acquire Intrepid Powerboats out of Long Boat Key in Florida. MarineMax expects the acquisition to close before December 31, 2021. An award-winning maker of custom boats, Intrepid follows a direct-to-consumer distribution model and produced revenue in excess of $60 million in the last twelve months.
The acquisition is seen as a portfolio expander for MarineMax which posted very strong growth in 2020 with $1.5 billion in revenue. It is the second acquisition of the year for MarineMax and the 4th in two years. In May, the company acquired Cruisers Yachts brand. Last year the company also bought Northrup & Johnson and Skipperbuds. It also adds a new element to MarineMax's portfolio in the fact that Intrepid has become known for custom built boats and a direct-to-consumer model.
Of the Intrepid acquisition, W. Brett McGill, Chief Executive Ocer and President of MarineMax, stated, “The strategic acquisition of Intrepid Powerboats allows us to provide Intrepid with additional resources to expand and to enhance how it serves their extremely loyal customer base. We believe we can help grow the Intrepid brand by leveraging our digital technologies, capital and other resources. This accretive acquisition aligns with our long-term strategy of adding quality businesses to our portfolio and implementing best practices to support the expansion of our gross margins.”
Ken Clinton, President of Intrepid Powerboats, commented, “We are excited to join the MarineMax family and to have access to their vast resources. Those resources will help us continue to lead the industry in innovation and bringing new product to market. This opportunity also allows our Vice President of Sales, Alex Rizo, to have access to better tools to help enhance the sales experience for our Dania sales headquarters. We will now also have a national service model for our Vice President of Customer Service, Joe Brenna, in order to ensure all of our customers continue to have 1st class customer service. The merger allows Intrepid to take all aspects of the business to the next level, and that’s what we have always been about and why I am excited about the future with MarineMax.”
The deal will be finalized on December 31st, 2021. Neither company has shared much about what's to come for the brands.