MarineMax, Inc. (NYSE:HZO) announced that it has completed the acquisition of substantially all of the assets of Island Marine Center.
Island Marine Center is entering its 34th year serving the southern New Jersey boating market. Calendar 2017 revenue approximated $10 million, making Island Marine one of the larger dealers in the market, operating with two locations in Ocean View and Somers Point, New Jersey. Island Marine has built its reputation on customer service, consistent with MarineMax.
Along with sales and service, it also has extensive storage operations at both of its locations. Rick Castellini of Island Marine, and his team, will remain to manage and lead the operations.
William H. McGill, Jr., Chairman and Chief Executive Officer of MarineMax, Inc. stated, “We are excited to strengthen and enhance our already strong New Jersey presence with the Island Marine team. Rick has done a great job building Island Marine around a similar customer-centric service approach as MarineMax. Culturally, our two companies are strongly aligned. With Island Marine, we are now even better able to serve the important southern New Jersey area market.”
Rick Castellini of Island Marine, stated, “We are excited about joining the MarineMax team. This combination better enables the Island Marine operations to grow and take advantage of new opportunities for the future. We expect this partnership will allow Island Marine to take its business to the next level with MarineMax.”