US boat retailer has acquired large superyacht brokerage

USA
1st July 2020

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 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.

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.

About MarineMax About Northrop & Johnson About Fraser Yachts

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