CLEARWATER, Fla. – MarineMax, Inc. has acquired Imperial Marine, a privately held boat dealership consisting of a highway location and marina in the Chesapeake Bay region, according to a MarineMax release yesterday.
MarineMax purchased both locations for approximately $9.3 million in cash, resulting in approximately $1.7 million in goodwill. Subsequent mortgage financing of the property is expected, and MarineMax said it expects the transaction to be accretive by the end of its third quarter in fiscal-year 2005.
The marina is located on over 11 acres on the Gunpowder River and has approximately 300 in-water slips and more than 250 rack-storage slips, according to the retailer.
Imperial Marine generated approximately $12 million of revenue in its most recently completed fiscal year, MarineMax said.
"With the acquisition, we now establish a presence in another important boating market,” said William H. McGill, chairman, president and CEO of MarineMax. “Imperial Marine has a long history in the area and a distinguished reputation for superior service, which is consistent with the MarineMax philosophy. We plan to capitalize on Imperial's market position and bring additional resources that will help grow the business and better serve the customers."