MarineMax is expanding its superyacht business, and is crossing the Atlantic to do so.
The Clearwater boat retail giant announced this week that it has acquired French firm Superyacht Management, S.A.R.L., better known as SYM, through its Northrop & Johnston subsidiary.
The move will expand the reach and offerings of Northrop & Johnson, a superyacht services firm acquired by MarineMax in 2020. SYM offers an array of services for superyachts from around the world, from management to chartering to build-outs and renovations. And it gives MarineMax an even bigger worldwide footprint.
“The addition of SYM complements MarineMax’s ongoing diversification into a higher margin and global business,” CEO and president Brett McGill said in a statement. “By adding SYM, the company strengthens its commitment to providing exceptional customer service experiences across all superyacht service offerings, including buying, selling, insuring, building, crewing, and chartering.”
Terms of the deal were not disclosed. MarineMax said it expects the SYM acquisition to produce earnings growth in its first year.
Amid record revenues the last few years, MarineMax has made a number of acquisitions, including Largo’s Intrepid Powerboats last fall. For its most recent fiscal quarter, ending in December, MarineMax reported revenues of $472.7 million, almost equaling its entire yearly revenue from 2011. Last year, the company reported annual revenues of more than $2 billion.