Friday, July 3rd, 2020
MarineMax Acquires Northrop & Johnson
They already own Fraser Yachts and now MarineMax has acquired Northrop & Johnson
At a time when superyacht sales are slim brought about by the grip of the worldwide pandemic this industry consolidation will complement MarineMax’s 2019 acquisition of Fraser Yachts, one of the largest global superyacht brokerage and luxury yacht services company.
With this acquisition, MarineMax becomes a dominant contender in the superyacht services business.
Northrop & Johnson who recently recruited former Fraser Yachts’ Patrick Coote will now form part of the MarineMax’s fast expanding global empire of yacht and charter brokers.
The newly enlarged organisation now has access to an even greater network of resources to support the potential for additional growth of its client base and strengthens their position in yacht and crew management.
The acquisition allows both Fraser and Northrop & Johnson to enhance the overall customer experience through the ongoing development of the marketing capabilities that leverage the latest technology.
The idea behind this should further enhance client retention and further, stimulate lead generation and client referrals underlined by insights and relationships with buyers, sellers and charterers by both Northrop & Johnson’s and Fraser Yachts’.
Kevin Merrigan, Chief Executive Officer and Chairman, will continue to operate and manage N&J activities.
Brett McGill, the Chief Executive Officer and President of MarineMax, said in a statement, “The merger marks another significant step in the diversification of MarineMax into a higher margin and digitally enhanced business.
On a global scale, the unified team of Fraser Yachts and Northrop & Johnson creates an unprecedented superyacht powerhouse.
Kevin Merrigan stated, “Our Company provided an update for its June quarter, which ended June 30, 2020, that revenue will exceed the same quarter in the prior year as retail trends continue to be driven by a very strong demand for the boating lifestyle. The Company’s liquidity, consisting of cash on hand and availability under its credit facility, now exceeds $180 million before considering its sizable unleveraged real estate portfolio.”