LAKE FOREST, Ill. - In what appears to be its first water access-related acquisition, Brunswick Corp. (NYSE: BC) has purchased a 95-slip marina on Florida's West Coast, part of the Great American Marine business.
This marina is adjoined by a large boat and yacht service facility that was simultaneously acquired by MarineMax, Inc. (NYSE: HZO), according to statements released today by both companies. Terms of the transaction were not disclosed.
The marina and service facility is located just off the Intracoastal Waterway on Boca Ciega Bay near St. Petersburg, Fla. Brunswick will own the 95-slip marina, while MarineMax will own and operate the service portion of the property.
“This is the first of what Brunswick hopes will be further initiatives to partner with our entire network of dealers to provide our customers with access to water, and to provide an exceptional boating experience,” explained Dustan E. McCoy, chairman and chief executive officer of Brunswick Corp. “This partnership with MarineMax, with their customer-centric strategies, is a great place to start. Going forward, we will continue to explore means to advance the interests of boating and of all of our dealer partners.”
William H. McGill, Jr., chairman, chief executive officer, and president of MarineMax, stated, “This new facility complements our already strong presence in the area and further enhances our strategy of improving our customers' experience.”
Brunswick said it plans to evaluate opportunities to update the marina facilities in the near future. The service facility will require renovations, MarineMax reported. It doesn't anticipate that the service facility will materially impact MarineMax's operating results in fiscal 2006.
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