MarineMax (HZO) to Acquire Intrepid Powerboats
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MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, announced today that it has entered into a definitive agreement to acquire Intrepid Powerboats (Intrepid), a premier manufacturer of powerboats. MarineMax expects the acquisition to close before December 31, 2021, and to be accretive in its first full twelve-month period.
Intrepid Powerboats is recognized as a world class producer of customized boats, carefully reflecting the unique desires of each individual owner. Based in Largo, Florida, Intrepid follows a direct-to-consumer distribution model and produced revenue in excess of $60 million in the last twelve months. Intrepid has received many awards and accolades for its innovations and high-quality craftsmanship that create industry leading products in their categories.
W. Brett McGill, Chief Executive Officer 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.”
Mr. McGill continued, “We welcome the seasoned, passionate and successful Intrepid team. We know Ken Clinton and his leadership team well, given their successes within our industry. The Intrepid management team is recognized among the best in our industry and we are excited to have them join our team while continuing to lead the operations of Intrepid.”
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 first 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.”
David Gillikin, Chairman of Intrepid Powerboats and majority shareholder, stated, “I am very passionate about Intrepid Powerboats, the Intrepid team and our customers. There is no organization better suited to help guide Intrepid for the future than MarineMax. I look forward to many more years as a loyal Intrepid boat owner while watching the company and team grow.”
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