Clearwater boat and yacht retailer MarineMax has acquired a Tarpon Springs marine construction company — and with it, about 1.5 acres of waterfront property on the Anclote River.
The company announced Monday that it has purchased the decade-old Midcoast Marine Group to augment its marina construction business. Terms of the business merger were not disclosed.
But as part of the deal, MarineMax also acquired Midcoast’s 1.54-acre site at 1078 Island Ave. for $4 million, according to Pinellas County records. That site includes deep-water access that will allow MarineMax to store some larger vessels, such as catamaran yachts, and support Midcoast’s ongoing operations. The company believes that site has “potential for storage expansion,” it said in an announcement.
MarineMax CEO Brett McGill said the deal would benefit the company’s growing portfolio of marinas through Midcoast’s work on projects like commercial docks, floating docks, boardwalks and piers. Midcoast’s leadership team, including CEO Jack Fulford, will stay on board to lead those efforts.
“Adding Midcoast Marine Group to the MarineMax family gives us the team and assets to cost-effectively manage our marina construction needs and market these services to third parties,” McGill said in a statement. “We continue to successfully execute on our strategy to acquire well-managed, high-performing, and complementary businesses.”
In October, MarineMax posted record annual revenues of $2.3 billion, a 12% increase from the previous year that the company said was driven by its acquisitions. In August, the company announced a $480 million cash deal to acquire Fort Lauderdale’s IGY Marinas.
And on Wednesday, MarineMax announced it would be acquiring all of Boatzon, an online direct boat marketplace in which it already owned a 25% stake. Boatzon will operate under the banner of New Wave Innovations, a new division designed to oversee MarineMax’s technology-focused businesses.