MarineMax takes the helm of Cruisers Yachts
The MarineMax network, with its 77 dealerships and 30 marinas, has the largest number of pleasure boat dealerships in the United States and in the world. Until now, it has been content with marketing, but it has just taken a step forward with the announcement on May 3, 2021, of the acquisition of the KCS International shipyard, better known for its Cruisers Yachts brand of motorboats. The manufacturer, based in Oconto, Wisconsin, produces high-end pleasure boats from 33 to 60 feet. It currently employs 350 people. The transaction, which should be effective in the first half of the year, is worth $63 million. The shipyard generated more than $75 million in revenue in 2020 and recently acquired a 20,000-plus-square-foot facility in 2021. For its part, Marine Max says it has financial capacity in excess of $400 million before the transaction.
Replacing SeaRay's Made In USA boat offering
Through the acquisition of Cruisers Yachts, of which it had recently bought several dealerships, MarineMax intends to strengthen its offer of inboard motorboats, which disappeared from its catalog with the end of this range within the Sea-Ray brand and the Brunswick group. The integration of boat manufacturing is also aimed at a gain in sales margin. "The strategic acquisition of Cruisers Yachts benefits our customers by filling the consequent void in our product portfolio created in 2018 by the loss of the Sea Ray sport and cruising boat models. The acquisition is also in line with our long-term strategy to increase our gross margins by adding to a higher margin business," says W. Brett McGill, CEO of MarineMax.
