MarineMax Purchases Intrepid Powerboats in Second Major Acquisition of 2021
By: Scott Way
The up-tempo business dealings in the marine industry continued today with the announcement that MarineMax has acquired Florida-based Intrepid Powerboats. Terms of the deal were not disclosed.
This marks the second major acquisition by MarineMax in 2021, who also purchased the well-respected Cruisers Yachts brand in May as part of a $63 million deal. MarineMax is also coming off a record 2020 in which they generated over $1.5 billion in revenue.
The geography of the move makes obvious sense as MarineMax and Intrepid sit a mere 10 miles apart. Intrepid is headquartered in Largo, FLA, while MarineMax is in nearby Clearwater. MarineMax is already the world's largest recreational boat and yacht retailer, and the acquisition of a local manufacturer will provide immediate support and resources to their growing portfolio. The deal is expected to be finalized before December 31st, 2021.
Intrepid Powerboats is somewhat of an industry anomaly that operates on a direct-to-consumer distribution model without a dealer network. Each boat is built to customer specifications and can be customized or modified as needed. They build outboard fishing models recreational cruisers in the 24-47 foot range. The company had revenues in excess of $60 million in the preceding 12 months heading into the final quarter of 2021.
From MarineMax president and chief executive officer W. Brett McGill, “the strategic acquisition of Intrepid Powerboats allows us to provide Intrepid with additional resources to expand and to enhance how it serves their extremely loyal customer base. We believe we can help grow the Intrepid brand by leveraging our digital technologies, capital and other resources. This accretive acquisition aligns with our long-term strategy of adding quality businesses to our portfolio and implementing best practices to support the expansion of our gross margins.”
Ken Clinton, President of Intrepid Powerboats, commented, “We are excited to join the MarineMax family and to have access to their vast resources. Those resources will help us continue to lead the industry in innovation and bringing new product to market. This opportunity also allows our Vice President of Sales, Alex Rizo, to have access to better tools to help enhance the sales experience for our Dania sales headquarters. We will now also have a national service model for our Vice President of Customer Service, Joe Brenna, in order to ensure all of our customers continue to have first class customer service. The merger allows Intrepid to take all aspects of the business to the next level, and that’s what we have always been about and why I am excited about the future with MarineMax.”