Clearwater-based MarineMax adds Northrop & Johnson to its holdings.
CLEARWATER — MarineMax Inc., one of the nation’s largest recreational boat retailers, has acquired Northrop & Johnson, a superyacht brokerage with offices around the world.
The deal comes about a year after Clearwater-based MarineMax’s acquisition of Fraser Yachts, another superyacht brokerage that also provides luxury yacht services.
According to a press release, the two acquisitions make MarineMax a dominant global leader in superyacht brokerage and affiliated services, such as crew management, chartering, new-build consultation and insurance.
"The merger with Northrop & Johnson marks another significant step in the diversification of MarineMax into a higher margin and digitally enhanced business,” MarineMax CEO Brett McGill states in the release. “On a global scale, the unified team of Fraser Yachts and Northrop & Johnson creates an unprecedented superyacht powerhouse. From entry-level boaters to the largest luxury yacht, we want our clients’ experiences to be the best in the world.”
While financial terms of the deal were not disclosed in the release, Northrop & Johnson CEO Kevin Merrigan will retain his role.
“MarineMax stands out as best in class for boats and yachts under 120 feet,” Merrigan states in the release. “With the combination of the teams and resources of both Fraser Yachts and Northrop & Johnson, MarineMax can provide end-to-end global boating solutions as we grow the superyacht services business. MarineMax is the best partner to support the continued success of Northrop & Johnson and our very strong and tenured team.”
MarineMax (NYSE: HZO) reported $1.24 billion in gross revenue in 2019, up from $1.18 billion in 2018.