MarineMax, Inc., the nation’s largest boat dealer, has made another big acquisition, adding one of the biggest retailers in the southern U.S. to its holdings.
The company said Thursday it has acquired substantially all of the assets of Hall Marine Group. The deal unites two long-time Top 100 dealers, and two of the largest dealers in the country. Terms of the deal were not disclosed.
Hall had fiscal 2016 revenue exceeding $50 million, while MarineMax had fiscal revenue of $942.1 million.
Hall Marine was founded in the mid 1970s by Rod and Fran Hall and now operates six locations in North Carolina, South Carolina and Georgia. The two companies carry many of the same brands and are two of the largest Sea Ray dealers.
MarineMax acquired substantially all of the assets of Hall Marine. The shareholders of Hall, who will remain as its operators, received an initial cash payment at closing and have the ability to earn additional payments, subject to achieving certain performance metrics in the future, MarineMax said.
“We are excited to strengthen and enhance our significant presence by adding these important Carolina and Georgia markets,” said MarineMax Chairman, President and CEO William H. McGill, Jr. “Combining with Hall Marine Group, we are better able to serve the many boaters that migrate along the Atlantic seaboard and within the Southeast market. Jeff and Rick Hall are well respected in our industry and we are very proud to welcome them and the Hall Marine Group team into MarineMax. We operate with similar strategies, and we firmly believe that together we will be even stronger serving boating enthusiasts in the Southeast, one of the most significant marine markets in the country.”
It’s the second major acquisition in the last year for MarineMax, which last year purchased Russo Marine, one of the leading dealers in the Northeast.
“We have watched MarineMax’s accomplishments over the years and have admired the business they have built,” said Jeff Hall, co-principal of Hall Maine Group. “We are excited about joining the MarineMax team. This strategic combination better enables the Hall operations to grow and to take advantage of new opportunities for the future. This is an exceptional opportunity for us to take the marine business to the next level with MarineMax.”
Rick Hall, Co-Principal of Hall Marine Group, stated, “This transaction is very exciting for all the right reasons. Combining with MarineMax will have a very positive impact in the boating industry for the Southeast and Mid-Atlantic regions, especially for those who migrate as they enjoy the boating lifestyle. Along with our founders, the entire Hall Marine team is very happy about this merger and are all looking forward to joining MarineMax.”