Northrop & Johnson announces its acquisition by MarineMax, Inc., the largest recreational boat and yacht retailer in the United States.
This follows MarineMax’s 2019 acquisition of Fraser Yachts, one of the largest global superyacht brokerages, making MarineMax the dominant leader in the superyacht services business. Northrop & Johnson will now be a part of MarineMax’s global team comprising the industry’s top yacht and charter brokers, as well as leading yacht and crew management professionals.
The acquisition will allow Northrop & Johnson to enhance the overall customer experience through the ongoing development of marketing capabilities using the latest technology, enhancing client retention and stimulating lead generation. Kevin Merrigan, CEO and Chairman, and the entire Northrop & Johnson team will continue to operate and manage the brand's activities.
“The merger with Northrop & Johnson marks another significant step in the diversification of MarineMax into a higher margin and digitally enhanced business." said Brett McGill, CEO and President 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.
"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.”
Kevin Merrigan added, “MarineMax stands out as best in class for boats and yachts under 120 feet. 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. MarineMax is the best partner to support the continued success of Northrop & Johnson and our very strong and tenured team.”
The Company provided an update for its June quarter (to June 30, 2020) with revenues exceed the same quarter last year as strong demand for the boating lifestyle continues. The Company’s liquidity, consisting of cash on hand and availability under its credit facility, now exceeds $180 million USD in addition to its sizable real estate portfolio.