US boat retailer has acquired large superyacht brokerage
Northrop & Johnson, one of the world’s largest superyacht brokerage and services companies, has been purchased by the US boat retailer MarineMax. The acquisition is expected to be accretive in its first full year.
Northrop & Johnson is strategically located in the most prominent yachting markets of the Americas, Europe, Asia and Australia, and specialises in superyacht brokerage, yacht chartering, charter management, crew placement, new-build consultation and yacht insurance.
MarineMax acquired Fraser Yachts in 2019, and the company sees this recent investment as working in complement with that to become a dominant leader in the superyacht services business. Fraser Yachts is the largest global superyacht brokerage and luxury yacht services firm, with offices across the world, including San Diego, Monaco, Barcelona and Jakarta.
W Brett McGill of MarineMax commented:
“The merger with Northrop & Johnson marks another significant step in the diversification of MarineMax into a higher margin and digitally enhanced business.
“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.”
W Brett McGill - CEO and president of BHG MarineMax
The company has announced that Kevin Merrigan, CEO and chairman of Northrop & Johnson, and the entire Northrop & Johnson team will continue to operate and manage its activities.
“The acquisition of Northrop & Johnson furthers the MarineMax commitment to fullfiling our mission of exceptional customer service, regardless of whether a client is buying, selling, insuring, building, crewing or chartering,” added Mr McGill.
“The combination allows us to provide an even greater network to serve our customers’ shared passion for yachting. We are very excited that Kevin Merrigan has joined our team. Kevin has many years of invaluable experience and has built a team that is passionate about the industry.”
“MarineMax stands out as best in class for boats and yachts under 120 feet. 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.
“We are delighted to join MarineMax given that we both have always maintained a family-like culture and share similar ideals and values. MarineMax is the best partner to support the continued success of Northrop & Johnson and our very strong and tenured team.”
Kevin Merrigan - CEO and chairman of Northrop & Johnson
About MarineMax About Northrop & Johnson About Fraser Yachts
MarineMax has also provided an update for its quarter ended June 30, 2020, stating that revenues are expected to exceed the same quarter in the prior year as retail trends continue to be driven by strong demand for the boating lifestyle. The company’s liquidity, consisting of cash on hand and availability under its credit facility, now exceeds US$180m before considering its sizable unleveraged real estate portfolio.