MarineMax acquires US boatbuilder
Leading boat and yacht retailer MarineMax has acquired its first boatbuilding company, the US-based Cruisers Yachts.
The acquisition of KCS International, parent company of boatbuilding company Cruisers Yachts, is a move to fill a gap in its product portfolio in the sport yacht segment – a significant shift in its business model.
Florida-based MarineMax has boatbuilding interests in China with the Aquila catamaran brand, but the Cruiser acquisition represents its first move into the established US boatbuilding sector.
Cruisers Yachts, with its HQ in Wisconsin, manufacturers premium yachts, ranging from 33ft-60ft. Due to demand, Cruisers recently announced the expansion of production capacity by purchasing a 216,000sq ft, purpose-built boat manufacturing plant in Pulaski, Wisconsin, which will allow the builder to more than double its capacity over time.
Brett McGill, CEO and President of MarineMax, commented:
“The strategic acquisition of Cruisers Yachts benefits our customers by filling a meaningful void in our product portfolio which was created in 2018 by the loss of Sea Ray sport yacht and yacht models.
”The acquisition also aligns with our long-term strategy of expanding our gross margins by adding a higher margin business. We can continue to expand and grow with Cruisers’ model line-up in markets that are available.”
Brett McGill – CEO and President of MarineMax
With over 100 years of heritage, Cruisers successfully navigated through the 2020 pandemic, producing revenue of over $75m with an established dealer network, including SkipperBud’s and Silver Seas Yachts, which were acquired by MarineMax in October 2020, plus five recently added MarineMax locations. Combined, MarineMax accounts for nearly half of Cruisers’ revenue on an annual basis.
Mark Pedersen, President of Cruisers Yachts, will join the MarineMax team and continue to lead the operations of Cruisers and its more than 350-strong team.
“We are very excited about becoming part of the MarineMax family and the great opportunities that lie ahead.
“The MarineMax team has a proven track record of great success in our industry. With our loyal Cruisers owners and a strong dealer network, we will all greatly benefit from being a part of MarineMax.”
Mark Pedersen – President of Cruisers Yachts
About MarineMax About Cruiser Yachts
The company paid $63m for Cruisers, including the recently acquired Pulaski, Wisconsin facility. The acquisition is expected to be accretive in the full first year.