Boat and yacht retailer MarineMax has purchased US-based manufacturer Cruisers Yachts in a deal valued at $63m.
The acquisition also includes a 216,000ft² manufacturing facility in Pulaski, Wisconsin, US, which was recently bought by Cruisers.
Further details about the acquisition will be disclosed in MarineMax’s June results report.
The deal adds premium American-built yachts to MarineMax’s product portfolio.
MarineMax CEO and president Brett McGill said: “The strategic acquisition of Cruisers Yachts benefits our customers by filling a meaningful void in our product portfolio which was created in 2018 by the loss of Sea Ray sport yacht and yacht models. The acquisition also aligns with our long-term strategy of expanding our gross margins by adding a higher margin business.”
MarineMax’s financial capacity, including cash and cash equivalents, along with existing borrowings under its credit facilities, was more than $400m before this acquisition.
This acquisition is expected to be accretive in its initial full year, noted MarineMax.
Last October, MarineMax acquired Illinois-based SkipperBud’s and its affiliate Silver Seas Yachts. These two firms are part of Cruisers’ dealer network.
In addition, the company acquired superyacht brokerage and services company Northrop & Johnson in July 2020.
Cruisers is known for manufacturing premium yacht models ranging from 33ft to 60ft long.
It manages operations with more than 350 team members, who will continue to be led by Cruisers Yachts president Mark Pedersen.
Pedersen said: “Over the years we have recognised that certain customers prefer to only buy an American built yacht, and our brand compliments MarineMax’s other offerings.”