MarineMax Enters into Asset Exchange Agreement for Aviara Brand of Luxury Dayboats with MasterCraft Boat Holdings
MarineMax, Inc. (NYSE:HZO) ("MarineMax" or the "Company"), the world's largest recreational boat, yacht and superyacht services company, today announced that it has entered into an asset exchange agreement with MasterCraft Boat Holdings, Inc. ("MasterCraft") under which MarineMax's Cruisers Yachts subsidiary will assume the rights to MasterCraft's Aviara brand of luxury dayboats.
In addition to the Aviara brand and related intellectual property, MarineMax is receiving certain assets, including molds, tooling, and inventory. As part of the agreement, MarineMax will also administer the existing manufacturer warranties and market the brand. The agreement does not include any Aviara production facilities or personnel, which will remain with MasterCraft.
"MarineMax has been the primary retail distributor for the Aviara portfolio since the brand was launched in 2019, so we were a logical choice to assume control of the brand when this unique opportunity became available," said Brett McGill, MarineMax's Chief Executive Officer and President. "MasterCraft has done an outstanding job building Aviara into a highly regarded luxury dayboat brand. Today's announcement helps us ensure that customers who have purchased an Aviara boat will continue to receive the industry-leading level of service and after-market support that has defined the MarineMax customer experience for the past 26 years. As the recreational marine market recovers, we will evaluate the production plan for Aviara based on consumer demand, our existing manufacturing capacity, and alignment with our overall strategy."
The transaction remains subject to customary closing conditions and is expected to be completed within the next 90 days.
About MarineMax
As the world's largest lifestyle retailer of recreational boats and yachts, as well as yacht concierge and superyacht services, MarineMax (NYSE:HZO) is United by Water. We have over 125 locations worldwide, including over 75 dealerships and 65 marina and storage facilities. Our integrated business includes IGY Marinas, which operates luxury marinas in yachting and sport fishing destinations around the world; Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies; Cruisers Yachts, one of the world's premier manufacturers of premium sport yachts and motor yachts; and Intrepid Powerboats, a premier manufacturer of powerboats. To enhance and simplify the customer experience, we provide financing and insurance services as well as leading digital technology products that connect boaters to a network of preferred marinas, dealers, and marine professionals through Boatyard and Boatzon. In addition, we operate MarineMax Vacations in Tortola, British Virgin Islands, which offers our charter vacation guests the luxury boating adventures of a lifetime. Land comprises 29% of the earth's surface. We're focused on the other 71%. Learn more at www.marinemax.com.
Forward-Looking Statement
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those relating to our anticipated assumption of the rights to the Aviara brand, the customer service and support Aviara customers will receive and the evaluation of, and factors we will consider, in evaluating our production plan for Aviara. These statements are based on current expectations, forecasts, risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions, and uncertainties include the Company's abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company's manufacturing partners, the performance and integration of the recently acquired businesses, general economic conditions, as well as those within the Company's industry, the liquidity and strength of our bank group partners, the level of consumer spending, and numerous other factors identified in the Company's Form 10-K for the fiscal year ended September 30, 2023 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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