Clearwater, Florida-based MarineMax has acquired Fort Lauderdale-based brokerage firm Northrop & Johnson, a 71-year-old company that offers yacht sales, charter, management, new construction management and crew placement services.
This follows on the heels of MarineMax’s 2019 acquisition of Fraser Yachts, the largest global superyacht brokerage and yacht services company at the time.
“With the acquisition, the overall customer experience will be enhanced through the ongoing development of the marketing capabilities, which leverage the latest technology,” MarineMax stated in a news release. “This should further enhance client retention and further stimulate lead generation and client referrals. Both Northrop & Johnson’s and Fraser Yachts’ insight and relationships with buyers, sellers and charterers are underlined by the world’s most comprehensive network of highly qualified individuals.”
Kevin Merrigan, chairman and CEO of Northrop & Johnson, and the rest of the brokerage’s team will continue to operate and manage its activities.
“MarineMax stands out as best in class for boats and yachts under 120 feet,” Merrigan stated in the release. “With the combination of the teams and resources of both Fraser Yachts and Northrop & Johnson, MarineMax can provide end-to-end global boating solutions as we grow the superyacht services business.
“We are delighted to join MarineMax, given that we both have always maintained a family-like culture and share similar ideals and values,” he stated. “MarineMax is the best partner to support the continued success of Northrop & Johnson and our very strong and tenured team.”
Northrop & Johnson has offices in the Americas, Europe, Asia and Australia.
“The merger with Northrop & Johnson marks another significant step in the diversification of MarineMax into a higher margin and digitally enhanced business,” said W. Brett McGill, president and CEO of MarineMax. “On a global scale, the unified team of Fraser Yachts and Northrop & Johnson creates an unprecedented superyacht powerhouse. From entry level boaters to the largest luxury yacht, we want our clients’ experiences to be the best in the world.
“The acquisition of Northrop & Johnson furthers the MarineMax commitment to fulfilling our mission of exceptional customer service, regardless of whether a client is buying, selling, insuring, building, crewing or chartering,” he stated. “The combination allows us to provide an even greater network to serve our customers’ shared passion for yachting. We are very excited that Kevin Merrigan has joined our team. Kevin has many years of invaluable experience and has built a team that is passionate about the industry.”
MarineMax, the nation’s largest recreational boat and yacht retailer, is a publicly traded company on the New York Stock Exchange under the ticker symbol HZO.
It provided an update for its quarter ended June 30, 2020, that revenue will exceed the same quarter in the prior year, as retail trends continue to be driven by strong demand for the boating lifestyle, according to the statement. 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.
MarineMax has 59 retail locations across the United States, and operates MarineMax Vacations in Tortola, British Virgin Islands.