Clearwater-based MarineMax buys SkipperBud’s and its subsidiary Silver Seas Yachts.
CLEARWATER — MarineMax, one of the nation's largest recreational boat and yacht dealers, has acquired SkipperBud’s and its affiliate, Silver Seas Yachts, which, according to a press release, combined to generate $220 million in revenue in 2019.
The acquisition — MarineMax’s largest to date — greatly expands the Clearwater-based company’s presence in the Great Lakes and West Coast regions of the United States. According to the release, the deal adds 20 locations, including 11 marina and storage facilities, to MarineMax’s holdings.
SkipperBud’s shareholders, including President Mike Pretasky Jr., will continue to operate the business, the release states. Other terms, including acquisition cost, were not disclosed.
"We are very excited to expand with such a great organization as SkipperBud’s, who we have known for many years and who share our values and culture,” MarineMax President and CEO Brett McGill states in the release. “The acquisition adds greatly to our geographic reach in the Great Lakes and the West Coast. It also provides us the opportunity to fully leverage our business and brand infrastructure across the country, better enabling us to serve customers in all markets.”
McGill adds, via the release, “The acquisition aligns with our long-term strategy to grow our cycle-resilient, higher-margin businesses, especially marina and storage income, by nearly doubling our marina operations. We are excited to have Mike Pretasky Jr. join our management team and continue to lead the operations. Mike has a proven track record in the marine industry and will help lead the Company to further growth.”
MarineMax (NYSE: HZO) reported $1.24 billion in gross revenue in 2019, up from $1.18 billion in 2018.
“We have been long-time industry partners of MarineMax and have similar values of taking care of our customers and our team with a focus on our higher-margin businesses,” Petrasky states in the release. “Gaining access to their exclusive brands will further drive our growth, especially in larger yachts. The combination of both organizations enables SkipperBud’s to take advantage of multiple growth opportunities in the future."