CLEARWATER, Fla.--(BUSINESS WIRE)--
MarineMax, Inc. (NYSE:HZO), the nation's largest recreational boat and yacht retailer, today announced that it has completed the acquisition of substantially all of the assets of Hall Marine Group.
Hall Marine was founded in the mid 1970’s by Rod and Fran Hall. With fiscal 2016 revenue exceeding $50 million, Hall Marine is one of the largest privately-owned boat dealers in the Southeast. Hall Marine operates through six locations covering the following markets: Charlotte, North Carolina; Lake Wylie, Greenville, Columbia and Charleston, South Carolina; and Savannah, Georgia. The locations include two large marinas and four highway locations. The brands represented by Hall are largely consistent with those offered by MarineMax.
MarineMax acquired substantially all of the assets of Hall Marine. The shareholders of Hall, who will remain as its operators, received an initial cash payment at closing and have the ability to earn additional payments, subject to achieving certain performance metrics in the future.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer of MarineMax, Inc. stated, "We are excited to strengthen and enhance our significant presence by adding these important Carolina and Georgia markets. Combining with Hall Marine Group, we are better able to serve the many boaters that migrate along the Atlantic seaboard and within the Southeast market. Jeff and Rick Hall are well respected in our industry and we are very proud to welcome them and the Hall Marine Group team into MarineMax. We operate with similar strategies, and we firmly believe that together we will be even stronger serving boating enthusiasts in the Southeast, one of the most significant marine markets in the country."
Jeff Hall, Co-Principal of Hall Maine Group, stated, “We have watched MarineMax’s accomplishments over the years and have admired the business they have built. We are excited about joining the MarineMax team. This strategic combination better enables the Hall operations to grow and to take advantage of new opportunities for the future. This is an exceptional opportunity for us to take the marine business to the next level with MarineMax.”
Rick Hall, Co-Principal of Hall Marine Group, stated, “This transaction is very exciting for all the right reasons. Combining with MarineMax will have a very positive impact in the boating industry for the Southeast and Mid-Atlantic regions, especially for those who migrate as they enjoy the boating lifestyle. Along with our founders, the entire Hall Marine team is very happy about this merger and are all looking forward to joining MarineMax.”
About MarineMax
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, Meridian, Hatteras, Azimut Yachts, Ocean Alexander, Galeon, Grady-White, Harris, Crest, Bennington, Scout, Sailfish, Sea Pro, Sportsman, Scarab Jet Boats, Yamaha Jet Boats, Aquila, 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 62 retail locations in Alabama, California, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina and Texas 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 shareholders of Hall Marine remaining as operators, the potential additional payments, our future strength in operating in the Southeast, the historical Hall operations’ potential to grow and take advantage of new opportunities for the future, and the transaction’s impact on the boating industry and the Mid-Atlantic region. 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 assumption the Company’s abilities to accomplish its goals and strategies, the success of the acquisition, synergies expected from the acquisition, the ease of integration of Hall Marine, anticipated revenue enhancements, fiscal 2017 earnings per diluted share contribution from the acquisition, general economic conditions and the level of consumer spending, and numerous other factors identified in the Company’s Form 10-K 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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