Shelter Bay marine

MarineMax has signed an agreement to acquire Shelter Bay Marine, a full-service marina and storage facility in Marathon, Florida.

The acquisition is expected to be completed by the end of June 2025, and MarineMax says the acquisition is projected to contribute positively to financial performance in its first full year of operations.

The news comes a week after MarineMax released its financial results for the fiscal 2025 first quarter, with a drop in revenue and same-store sales down 11 per cent year-on-year – a reflection of the impact of a challenged retail market environment and the impact of hurricanes Helene and Milton, which affected the company’s locations along Florida’s west coast. 

Shelter Bay Marine provides direct ocean access without bridge height restrictions and has capacity for more than 175 boats. The facility includes service and retail operations.

“The acquisition of Shelter Bay aligns seamlessly with our strategy of acquiring higher-margin businesses that complement other parts of our business and create valuable synergies,” says Brett McGill, chief executive officer and president of MarineMax.

“Geographically, Shelter Bay strengthens our presence in the Middle Keys, building on our growing Ocean Reef and Islamorada locations. The Shelter Bay team has a strong reputation for service excellence that blends well with our culture. In addition, the marina provides another outlet for our premium brands, enhancing the customer experience through greater convenience and expanded access to our offerings.”

MarineMax operates over 120 locations worldwide, including more than 70 dealerships and 65 marina and storage facilities. Its business includes IGY Marinas, which runs marinas in yachting and sport fishing destinations, as well as Fraser Yachts Group and Northrop & Johnson, which provide superyacht brokerage and luxury yacht services. The company also owns Cruisers Yachts and Intrepid Powerboats. Additional services include financing, insurance, and digital platforms. MarineMax also operates MarineMax Vacations in Tortola, British Virgin Islands.

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