MarineMax is developing its superyacht business and crossing the Atlantic to do so.
Boat retail giant Clearwater announced this week that it has acquired French company Superyacht Management, SARL, better known as SYM, through its subsidiary Northrop & Johnston.
The move will expand the reach and offerings of Northrop & Johnson, a superyacht services company acquired by MarineMax in 2020. SYM offers a range of services for superyachts around the world, from management to chartering to builds and renovations. And that gives MarineMax an even bigger global footprint.
“The addition of SYM complements MarineMax’s continued diversification into a higher margin, global business,” CEO and President Brett McGill said in a statement. “By adding SYM, the company reinforces its commitment to providing exceptional customer service experiences across all superyacht service offerings, including buying, selling, insuring, building, crewing and chartering. .”
The terms of the contract are not disclosed. MarineMax said it expects the SYM acquisition to deliver earnings growth in its first year.
Among the record revenues of recent years, MarineMax has made a number of acquisitions, including Largo’s Intrepid Powerboats last fall. For its most recent fiscal quarter, ending in December, MarineMax reported revenue of $472.7 million, nearly equivalent to its entire 2011 annual revenue. Last year, the company reported annual revenues of over $2 billion.