MarineMax Expands Florida Keys Presence with Shelter Bay Marine Acquisition

MarineMax, Inc. (NYSE: HZO), the world's largest recreational boat, yacht, and superyacht services company, has announced its intention to acquire Shelter Bay Marine, a full-service marina and storage facility located in the heart of the Florida Keys. The acquisition, expected to close by the end of June 2025, is projected to be accretive in the first full year of operations. The terms of the deal have not been disclosed.

The acquisition of Shelter Bay Marine aligns seamlessly with MarineMax's long-term strategy of focusing on higher-margin businesses that complement other parts of its operations and create valuable synergies. The marina, situated in Marathon, Florida, provides unrestricted, direct ocean access with no bridge height limitations, capable of storing more than 175 boats. It offers comprehensive service and retail facilities, further enhancing MarineMax's offerings in the region.

Geographically, Shelter Bay strengthens MarineMax's presence in the Middle Keys, building on its growing Ocean Reef and Islamorada locations. The Shelter Bay team has a strong reputation for service excellence, which blends well with MarineMax's corporate culture. Additionally, the marina provides another outlet for MarineMax's premium brands, enhancing the customer experience through greater convenience and expanded access to its offerings.

The acquisition of Shelter Bay Marine is expected to create valuable synergies and contribute positively to MarineMax's financial performance. The marina's storage facilities and service operations generate stable cash flow streams, typically yielding 15-20% higher margins compared to traditional boat sales. With a capacity to store over 175 boats, the facility can generate potential annual recurring revenues between $1.5-2.5 million, based on industry averages. This recurring revenue stream bolsters MarineMax's financial stability and resilience, making it less dependent on cyclical boat sales.

The strategic location of Shelter Bay Marine in Marathon, Florida, with unrestricted ocean access, creates a valuable hub between MarineMax's Ocean Reef and Islamorada locations. This geographic positioning enables MarineMax to capture a larger share of the lucrative Florida Keys marine service market, estimated at over $500 million annually. The acquisition allows MarineMax to better serve the growing demand for marine services in the region and further solidify its global market leadership.

In conclusion, the acquisition of Shelter Bay Marine is a strategic move for MarineMax, reinforcing its market leadership in the marine services sector. The deal's structure presents three key value drivers: recurring revenue potential, strategic location, and operational synergies. These synergies are expected to drive significant value creation and contribute to MarineMax's broader strategy of building a more resilient, higher-margin business model less dependent on cyclical boat sales.