MarineMax, Inc. (NYSE: HZO), the world's largest recreational boat and yacht retailer, today announced the formation of New Wave Innovations, a new business that will invest in and grow technology-related products and services. Boatyard, which was previously acquired and recently recognized as a top innovative company, and Boatzon will fall under this new entity.
MarineMax today announced that it has entered into a definitive agreement to acquire the remaining seventy-five percent interest in Boatzon, that it does not already own. The closing is expected in the Company's fiscal second quarter ending March 31, 2023. Boatzon is the first 100 percent online boat and marine retailer providing secure direct marketplace services. Since making its initial investment in Boatzon in December 2021, MarineMax has been partnering with the Boatzon team to grow product capabilities and expand service offerings, serving both customers and marine dealers. As the partnership and Boatzon business have grown, the two companies are now teaming up to accelerate growth opportunities. Boatzon will operate as an independent company managed by co-founders Bryan Lenett, Michael Muchnick, and their team.
Shawn Berg, EVP, Chief Digital Officer of MarineMax and New Wave Innovations President stated, "Aligning our passion for boating with entrepreneurship and technology growth opportunities will advance our Company's strategic growth. We look forward to Bryan, Michael, and the entire Boatzon team joining the MarineMax family. The formation of New Wave Innovations is an incredible opportunity for MarineMax to partner with entrepreneurial technology companies seeking the resources and expertise to accelerate the growth of their businesses."
W. Brett McGill, Chief Executive Officer and President of MarineMax, stated, "Innovation and technology have been at the forefront of our strategy to build an integrated company that is a leader in marine products, services, and experiences. We are excited about our ability to selectively invest in and grow businesses such as Boatyard and Boatzon. New Wave Innovations provides us with an exclusive technology growth engine to build on that success."
MarineMax is the world's largest recreational boat and yacht retailer, selling new and used recreational boats, yachts, and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 125 locations worldwide, including 78 retail dealership locations, some of which include marinas. Collectively, with the IGY acquisition, MarineMax owns or operates 57 marinas worldwide. Through Fraser Yachts and Northrop & Johnson, the Company also is the largest superyacht services provider, operating locations across the globe. Cruisers Yachts, a MarineMax company, manufactures boats and yachts with sales through our select retail dealership locations and through independent dealers. Intrepid Powerboats, a MarineMax company, manufactures powerboats and sells through a direct-to-consumer model. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also owns Boatyard, an industry-leading customer experience digital product company. MarineMax is a New York Stock Exchange-listed company (NYSE: HZO). For more information, please visit www.marinemax.com.
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 expected investments of New Wave Innovations, the closing of the acquisition of the remaining 75% interest in Boatzon, Boatzon's operation as an independent company, the advancement of the Company's strategic growth, and the Company's ability to invest and grow certain businesses. 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 Company's abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company's manufacturing partners, the performance and integration of the recently-acquired businesses, general economic conditions, as well as those within the Company's industry, the level of consumer spending, and numerous other factors identified in the Company's Form 10-K for the fiscal year ended September 30, 2022 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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