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Clearwater’s MarineMax has finalized the purchase of a British boat company’s U.S. retail and distribution operation based in Pompano Beach.
In a note to investors, MarineMax says its purchase of William Tenders USA has been completed and should begin to show positive results in its first full year of operations.
The company declined to disclose the purchase price.
Williams Tenders is a distributor and retailer for U.K.-based Williams Jet Tenders Ltd., a manufacturer of rigid inflatable jet tenders for the luxury yacht market.
(Tenders are the boats that runs back and forth from a larger yacht or ship.)
The company, which was founded in 2005, sells its tenders in the U.S. and the Caribbean through its own showrooms and a network of 20 dealers. It established the U.S. operation in 2014 with headquarters in Pompano Beach.
Brett McGill, MarineMax’s CEO and president, says in the note that there is a “significant potential for growth” at Williams given a solid yacht market.
The buy, he says “illustrates our strategic approach to growth, focused on the acquisition of high-quality businesses that enhance our margin profile and strengthen customer relationships.”
MarineMax retails recreational boats and yachts and offers yacht concierge and superyacht services. It has 130 locations worldwide, including 81 dealerships and 66 marina and storage facilities, and operates 40 brands.
Along with those locations, the company also offers financing and insurance services and operates MarineMax Vacations in the Virgin Islands.
According to its first quarter earnings report released in January, its revenue increased 3.8% to $527.3 million and its same store sales increased 4% over the same period last year. Gross profit, however, decreased 6.1% to $175.5 million during that time frame.
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