United States

OneWater Marine Inc.

<a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a> has released its financial results for the fiscal third quarter ending 30 June 2024. The company reported revenue of $542.4 million, reflecting an 8.7% decline from the $594.3 million recorded in the same period of the previous year.<img src="https://photo-assets.superyachttimes.com/photo/30214/image/large-a8ee21972a91ea952f6fc2da893c5d58.jpg" data-gid="gid://syiq/Photo/30214">These results come amidst speculations of a potential acquisition of <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> by <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a>.Read: <a data-gid="gid://syiq/Article/60633" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater issues statement over MarineMax acquisition rumours (2024-06-03 16:30:00 +0200)">OneWater issues statement over MarineMax acquisition rumours</a>Same-store sales experienced an 8% decline, with new boat revenue decreasing by 10.4% and pre-owned boat revenue by 4.1%. The company attributes this &nbsp;to a reduction in units sold and a lower average price per new unit. However, the report notes that excluding the impact of adverse weather on Texas locations, the decline in same-store unit sales is less severe, at just 1.9% for the quarter.Finance and insurance income showed a slight increase as a percentage of total boat sales. Meanwhile, service, parts, and other sales dropped by 8.4% compared to the same quarter last year. Excluding the impact of the dispositions that occurred in the fourth quarter of 2023, the dealership segment's service, parts, and other sales were positive. However, the distribution segment experienced lower service, parts, and other sales due to reduced production by boat manufacturers.Gross profit totalled $132.6 million for the fiscal third quarter of 2024, down $26.8 million from $159.4 million in the same period of 2023. The gross profit margin decreased by 240 basis points to 24.4%, driven by the normalisation &nbsp;of new and pre-owned boat pricing, and lower revenue from higher-margin businesses. Sequentially, the gross profit margin decreased by 20 basis points as the industry continues to stabilise.&nbsp;Fiscal third quarter 2024 selling, general, and administrative expenses reached a total of &nbsp;$87.1 million. This represents 16% of revenue, compared to $92.8 million, or 15.6% of revenue, in the same period of 2023. The increase in selling, general, and administrative expenses as a percentage of revenue was driven by lower revenues overall. On a dollar basis, these expenses declined by 6.2% due to previous cost reduction actions, ongoing expense management, and lower personnel costs.Net income for the fiscal third quarter of 2024 was $16.7 million, compared to $33.3 million in the same quarter of 2023. The company reported net income per diluted share of $0.99 for fiscal third quarter 2024, compared to $1.95 in 2023. Adjusted diluted earnings per share for fiscal third quarter 2024 was $1.05, compared to $2.15 in 2023. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) for the fiscal third quarter of 2024 decreased by 36.6% to $39.2 million, compared to $61.9 million in the same quarter of 2023.As of June 30, 2024, the company’s cash and cash equivalents stood at $41.0 million, with total liquidity, including cash and availability under credit facilities, exceeding $60.0 million. Total inventory as of 30 June 2024, decreased to $598.6 million, down from $687.5 million on March 31, 2024. Despite lower-than-expected revenues, inventory decreased by 13% sequentially due to a continued focus on aligning inventory levels with market demand.<img src="https://photo-assets.superyachttimes.com/photo/321140/image/large-f20863038734d0d1e381c3faae75dac5.jpg" data-gid="gid://syiq/Photo/321140">Fiscal Year 2024 Guidance:The company is updating its previously issued fiscal full-year 2024 outlook. For the fiscal year 2024, <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> anticipates dealership same-store sales to decline by mid-single digits. Adjusted EBITDA is expected to range between $90 million and $100 million, while adjusted earnings per diluted share are projected to be between $1.50 and $2.00.“In the third quarter, our strategic inventory management and operational execution drove outperformance against the industry. However, our performance for the quarter was below our expectations due to a progressively weaker market environment and a negative impact from weather in Texas,” commented Austin Singleton, Chief Executive Officer at <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a>. “As we look to the balance of the fiscal year, we remain cautiously optimistic. We are focused on proactively managing inventory and expenses, which should provide some tailwinds as we navigate into fiscal 2025.”

OneWater Marine reports losses on several financial metrics in its Q3 results

OneWater Marine Inc. has released its financial results for the fiscal third quarter ending June 30, 2024.

OneWater Marine Q3 results reveal a 9% decline in revenue

<a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> has disclosed its third-quarter financial report, showcasing a rise in revenue to $757.7 million, up from $721.8 million during the same period last year. This growth in revenue was principally fueled by an uptick in boat sales. Meanwhile, these results come amidst speculations of a potential acquisition of <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> by <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a>.<img src="https://photo-assets.superyachttimes.com/photo/265731/image/large-9384651b02a3c3b8b113c3d33254dc31.jpg" data-gid="gid://syiq/Photo/265731">Read:&nbsp;<a data-gid="gid://syiq/Article/60633" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater issues statement over MarineMax acquisition rumours (2024-06-03 16:30:00 +0200)">OneWater issues statement over MarineMax acquisition rumours</a>On a comparable same-store basis, revenue saw a 4% increase, reflecting gains across new and used boat sales and expanded activity within the Company’s Retail Operations segment. This segment encompasses a diverse range of services including marina operations, parts, finance and insurance, as well as the Super Yachts Group and Charter services.<a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> reported a slight decline in gross profit, which decreased by 1.0% to $242.1 million from $243.8 million in the prior-year period. The gross profit margin fell by 180 basis points to 32.0%, down from 33.8% last year, a reflection of intensified promotional activities undertaken to boost boat sales amid challenging retail conditions.Selling, general, and administrative expenses (SG&amp;A) amounted to $181.1 million, representing 23.9% of revenue, compared with $169.2 million, or 23.4% of revenue, in the same quarter the previous year. After adjusting for transaction costs, intangible amortisation, changes in contingent consideration, weather events, and restructuring expenses, adjusted SG&amp;A increased by $10.3 million, or 6.2%. This rise was partially attributed to restructuring efforts and the addition of new locations such as AGY, C&amp;C Boat Works, and Williams Jet Tenders, which were integrated since the start of the third fiscal quarter of 2023.Interest expenses rose to $18.2 million, or 2.4% of revenue, up from $14.8 million, or 2.1% of revenue in the previous year, reflecting the impact of higher interest rates and an increase in inventory levels compared to the third quarter of fiscal 2023.Net income for the quarter stood at $31.6 million, or $1.37 per diluted share, a decrease from $44.4 million, or $1.98 per diluted share, reported in the same period last year. Adjusted net income for the third quarter was $34.8 million, or $1.51 per diluted share, down from $46.5 million, or $2.07 per diluted share, in the prior-year period. Adjusted EBITDA for the quarter ended June 30, 2024, was $70.4 million, compared with $83.5 million in the corresponding period last year.<img src="https://photo-assets.superyachttimes.com/photo/184962/image/large-c9755869f8bda2423ae7ccebcf3e0061.jpg" data-gid="gid://syiq/Photo/184962">CEO and President of <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> Bret McGill commented: “Despite persistent retail headwinds in the third quarter, our team executed well, delivering 5% top-line growth, performance in this challenging operating environment underscores the importance of our value-creation strategy, which focuses on expanding our high-margin, less cyclical revenue streams. This strategic expansion, encompassing marinas, superyacht services, and other offerings, has strengthened our gross margin profile—now consistently exceeding 30%—and enhanced our cash flow generation and balance sheet resilience. These improvements come at a crucial time, as macroeconomic softness weighs on retail boat margins industry-wide. By strategically realigning our business, we’ve better positioned ourselves to weather market fluctuations and capitalise on emerging opportunities across our diverse portfolio.”McGill further added: “The recent formation of our new SuperYacht Division (SYD) exemplifies our strategy to generate increasing operating and commercial synergies across our portfolio,” McGill said. “The SYD integrates the operations of <a data-gid="gid://syiq/Company/158" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Fraser (Company)">Fraser Yachts</a>, <a data-gid="gid://syiq/Company/526" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Northrop & Johnson (Company)">Northrop &amp; Johnson</a>, <a data-gid="gid://syiq/Company/4848" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Fairport Global (Company)">Fairport Yacht Management</a>, <a data-gid="gid://syiq/Company/4685" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="SYM - Superyacht Management (Company)">SuperYacht Management</a> and Atalanta Golden Yachts (AGY), streamlining the back-office functions of these businesses into a unified entity. Our expansion into superyacht services began many years ago as our existing <a data-gid="gid://syiq/Company/358" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Azimut Yachts (Company)">Azimut</a>, <a data-gid="gid://syiq/Company/5318" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Galeon Yachts (Company)">Galeon</a>, and <a data-gid="gid://syiq/Company/1394" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ocean Alexander (Company)">Ocean Alexander</a> customers, and others from our retail dealership operations, migrated to increasingly larger yachts. The complexity of these vessels demanded specialised services, which our SYD companies are exceptionally well-positioned to provide.”

MarineMax reports revenue Increase to $757.7 Million in Q3

MarineMax has disclosed its third-quarter financial report

<a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> has issued a statement, following the open letter that was sent to its shareholders by Island Capital Group.<img src="https://photo-assets.superyachttimes.com/photo/265731/image/large-9384651b02a3c3b8b113c3d33254dc31.jpg" data-gid="gid://syiq/Photo/265731">The open letter proposed an acquisition of 100 percent of <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>'s Yachting and Marina Related Services, including <a data-gid="gid://syiq/Company/5903" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IGY Marinas (Company)">IGY Marinas</a>, <a data-gid="gid://syiq/Company/158" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Fraser (Company)">Fraser Yachts</a>, and <a data-gid="gid://syiq/Company/526" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Northrop & Johnson (Company)">Northrop &amp; Johnson</a>. The letter was sent by former <a data-gid="gid://syiq/Company/5903" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IGY Marinas (Company)">IGY</a> founder, Andrew Farkas, who expressed his concerns over the company’s management and strategic direction since its acquisition by MarineMax in 2022.<a data-gid="gid://syiq/Company/5903" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IGY Marinas (Company)">IGY</a> was sold to <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> for $480 million, with <a data-gid="gid://syiq/Company/5903" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IGY Marinas (Company)">IGY Marinas</a> existing management team continuing to lead the growth and operations of the business. Farkas detailed several concerning developments since <a data-gid="gid://syiq/Company/5903" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IGY Marinas (Company)">IGY</a>’s integration into <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>, stating that the company had not benefitted from the acquisition.&nbsp;Read: <a data-gid="gid://syiq/Article/60986" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IGY Marinas Founder proposes acquisition of IGY, Fraser, and Northrop & Johnson from MarineMax (2024-07-11 10:30:00 +0200)">IGY Marinas Founder proposes acquisition of IGY, Fraser, and Northrop &amp; Johnson from MarineMax</a><img src="https://photo-assets.superyachttimes.com/photo/265732/image/large-ca20ccc1813073a1b2aa9dfbcd755ab5.jpg" data-gid="gid://syiq/Photo/265732">In the statement published online, <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>’s Board of Directors emphasised its commitment to evaluating genuine opportunities that enhance shareholder value. The Board stated, "We are always open and responsive to input from key stakeholders and have spoken with Island Capital Group on several occasions. The company will continue to make decisions and take actions that we believe are in the best interest of the company and our shareholders."<a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> operates in over 130 locations worldwide, including 83 dealerships and 66 marina and storage facilities. The company’s integrated business encompasses several brands and services including <a data-gid="gid://syiq/Company/5903" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IGY Marinas (Company)">IGY Marinas</a>, <a data-gid="gid://syiq/Company/158" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Fraser (Company)">Fraser</a>, <a data-gid="gid://syiq/Company/526" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Northrop & Johnson (Company)">Northrop &amp; Johnson</a>, Cruisers Yachts, and Intrepid Powerboats.This is not the first proposal that <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> has received, with <a data-gid="gid://syiq/Article/60633" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater issues statement over MarineMax acquisition rumours (2024-06-03 16:30:00 +0200)">rumours circulating last month</a> that its rival <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a> had made an "all-cash, $40-a-share offer" for <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>, following months of private discussions. However, following on from these comments, <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> issued a statement that they "do not comment on market rumours or speculation," leaving the option for a potential acquisition uncertain.

MarineMax responds to Island Capital Group's acquisition proposal

MarineMax has issued a statement, following the open letter that was sent to its shareholders by Island Capital Group.

MarineMax issues statement following proposed acquisition by Island Capital Group

Island Capital Group has issued an open letter to the shareholders of <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>, proposing an acquisition of 100 percent of <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>'s Yachting and Marina Related Services. <img src="https://photo-assets.superyachttimes.com/photo/265731/image/large-9384651b02a3c3b8b113c3d33254dc31.jpg" data-gid="gid://syiq/Photo/265731">The private equity and merchant banking firm’s Founder, Chairman and CEO Andrew Farkas outlined a proposal to acquire the YMRS, which include&nbsp;<a data-gid="gid://syiq/Company/5903" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IGY Marinas (Company)">IGY</a>, <a data-gid="gid://syiq/Company/158" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Fraser (Company)">Fraser Yachts</a>, and <a data-gid="gid://syiq/Company/526" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Northrop & Johnson (Company)">Northrop &amp; Johnson</a>.&nbsp;This is not the first proposal that <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> has received, with rumours circulating last month that its rival <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a> had made an "all-cash, $40-a-share offer" for <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>, following months of private discussions. However, following on from these comments, <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> issued a statement that they "do not comment on market rumours or speculation," leaving the the option for a potential acquisition uncertain.Read:&nbsp;<a data-gid="gid://syiq/Article/60633" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater issues statement over MarineMax acquisition rumours (2024-06-03 16:30:00 +0200)">OneWater issues statement over MarineMax acquisition rumours&nbsp;</a><img src="https://photo-assets.superyachttimes.com/photo/318836/image/large-2af2be45b83cca86b8edbb73d7ab469f.jpg" data-gid="gid://syiq/Photo/318836">Andrew Farkas previously founded and chaired <a data-gid="gid://syiq/Company/5903" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IGY Marinas (Company)">IGY</a> before its sale to <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> in 2022 for $480 million. In his open letter to the shareholders of <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>, he expressed his concerns over the company’s management and strategic direction since the acquisition.“I had every reason to believe that <a data-gid="gid://syiq/Company/5903" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IGY Marinas (Company)">IGY</a> would thrive under its new owner,” commented Andrew Farkas. “However, in the less than two years following the sale, based on publicly available information, the following has occurred.”Farkas continued by detailing several concerning developments since IGY’s integration into <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>, stating that the company had reduced its fiscal year 2024 Adjusted EBITDA and Adjusted EPS guidance twice, with significant declines of 27 percent and 43 percent, respectively.&nbsp;He also noted that <a data-gid="gid://syiq/Company/5903" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IGY Marinas (Company)">IGY</a> had not acquired new assets, while competitors had expanded, potentially eroding <a data-gid="gid://syiq/Company/5903" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IGY Marinas (Company)">IGY</a>’s market position. As well as this, he mentioned that key growth initiatives outlined during the sale had not progressed and that the departure of Tom Mukamal, <a data-gid="gid://syiq/Company/5903" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IGY Marinas (Company)">IGY</a>’s long-serving and successful CEO, further destabilised the business.“The acquisition of <a data-gid="gid://syiq/Company/5903" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IGY Marinas (Company)">IGY</a> has not enhanced <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>’s valuation or provided any meaningful uplift to the company’s share price,” explained Farkas. “Prior to the news on 2 June 2024 of a rumoured acquisition of the company by <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a>, <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>’s share price was approximately 25 percent lower than where it was at the time of the <a data-gid="gid://syiq/Company/5903" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IGY Marinas (Company)">IGY</a> transaction announcement.”<img src="https://photo-assets.superyachttimes.com/photo/265730/image/large-9f50024dac70c8a6a14a2afb2983061b.jpg" data-gid="gid://syiq/Photo/265730">Farkas asserted that <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>’s management had failed to prioritise the YMRS Business, suggesting that it had viewed it as an afterthought, rather than a strategic asset. He also argued that the distinct nature of the YMRS Business, which focuses on real estate and luxury services, differed significantly from <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>’s core retail boat business.“It is through this lens that I am making an open proposal to acquire up to a 100 percent interest in the YMRS Business from <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>,” continued Farkas. “Based on publicly available information, we believe that this portfolio of assets is not adequately valued by the public market and thus has added no value to you as shareholders.”In response, ICG proposes acquiring the YMRS assets at a double-digit EBITDA valuation multiple, significantly higher than <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>’s current trading range of five to six times. This move, according to Farkas, would unlock significant shareholder value, providing <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> with substantial cash reserves to address core business pressures, repurchase stock, deleverage, or pursue strategic acquisitions.“A sale of the YMRS Business would provide a substantial amount of cash for the Company at a time when its core business is under pressure, and the proceeds could be utilised in an accretive fashion to repurchase stock, deliver the company and/or pursue acquisitions in the company’s core business.”He also proposed that ICG would be willing to acquire less than 100 percent of the YMRS Business, although not less than 75 percent. This would allow <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> to retain some of its ownership and potentially benefit from ICG’s growth strategy.<img src="https://photo-assets.superyachttimes.com/photo/265732/image/large-ca20ccc1813073a1b2aa9dfbcd755ab5.jpg" data-gid="gid://syiq/Photo/265732">Farkas outlined several merits of the proposal such as its high-quality and low risk approach, with the ability to be implemented immediately. He explained that ICG has a growth strategy for the YMRS Business and has also has access to a lower cost of capital investor base.As well as this, he speculated that <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> had not created value in the YMRS Business and that <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> still owes ICG and affiliates an earnout payment of $67.7 million, which could be favourably addressed as part of the transaction.&nbsp;As Andrew Farkas has prior experience as the controlling owner of IGY, he explained that the proposal would have a “minimal execution risk to complete” and “could move with tremendous speed.”Farkas concluded the letter by emphasising ICG’s readiness to engage with <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>’s management and board to discuss the proposal’s specifics. He stressed that the transaction could provide a timely and strategic boost to <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>’s financial health and market position.“We believe that a transaction could be completed in as little as 60-90 days, and we stand ready to commence a dialogue with <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>’s management and board of directors about any aspect of our proposal.”SuperYacht Times has also reached out to <a href="https://sya.superyachttimes.com/companies/marinemax" target="_blank">MarineMax</a> for further comment.

Island Capital Group proposes acquisition of IGY, Fraser, and Northrop & Johnson from MarineMax

IGY Marinas Founder proposes acquisition of IGY, Fraser, and Northrop & Johnson from MarineMax

According to online news publication Bloomberg, <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a> is in talks to acquire its larger rival <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>. &nbsp;<img src="https://photo-assets.superyachttimes.com/photo/265731/image/large-9384651b02a3c3b8b113c3d33254dc31.jpg" data-gid="gid://syiq/Photo/265731">The US-based news company alleged that <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> has made an all-cash, $40-a-share offer for <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a>, following months of private discussions. Bloomberg also reported that according to unnamed sources, the combined company would be valued at about $2.5 billion, including debt.However, <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> has issued the following statement on the rumoured acquisition: “As a matter of policy, we do not comment on market rumors or speculation. <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> is a highly disciplined and seasoned acquirer within the fragmented boating industry.”<img src="https://photo-assets.superyachttimes.com/photo/184954/image/large-cb047084464f2702c524eb07295a896c.jpg" data-gid="gid://syiq/Photo/184954">“Since 2014, we have successfully executed more than 30 acquisitions that have contributed to increased shareholder value. This strong track record is anchored by our ability to meaningfully expand EBITDA of acquired companies through expeditious synergy realisation.”<a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a> is one of the largest and fastest-growing premium marine retailers in the United States. <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> operates a total of 96 retail locations, 10 distribution centres and warehouses and multiple online marketplaces in 18 different states, several of which are in the top twenty states for marine retail expenditures.<img src="https://photo-assets.superyachttimes.com/photo/184959/image/large-4c195ac54d5c6528b5d5e0756609d9dc.jpg" data-gid="gid://syiq/Photo/184959"><a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> operates in around 130 locations, including 83 dealerships, 66 marina and storage facilities, and also owns the brokerage firms <a data-gid="gid://syiq/Company/526" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Northrop & Johnson (Company)">Northrop &amp; Johnson</a> and <a data-gid="gid://syiq/Company/158" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Fraser (Company)">Fraser</a>. In addition, <a data-gid="gid://syiq/Company/526" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Northrop & Johnson (Company)">Northrop &amp; Johnson</a> has grown over the years with the acquisition of companies such as <a data-gid="gid://syiq/Company/5903" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IGY Marinas (Company)">IGY Marinas</a> and <a data-gid="gid://syiq/Company/4685" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="SYM - Superyacht Management (Company)">Superyacht Management (SYM)</a>.&nbsp;If the two companies were to join forces, the combination would result in significant cost savings and long-term earnings growth. <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a> is no stranger to takeovers, with the acquisition of <a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison Yachting</a> taking place in 2022 and the closing of &nbsp;Garden State Yacht Sales last month.Read: <a data-gid="gid://syiq/Article/54952" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine finalises acquisition of Denison Yachting (2022-04-12 16:00:00 +0200)">OneWater Marine finalises acquisition of Denison Yachting</a><img src="https://photo-assets.superyachttimes.com/photo/265732/image/large-ca20ccc1813073a1b2aa9dfbcd755ab5.jpg" data-gid="gid://syiq/Photo/265732">“<a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> has a strong balance sheet and will continue to prioritise judicious capital allocation and maintain appropriate levels of leverage while evaluating strategic opportunities, enabling us to ensure the short-term, medium-term, and long-term viability of our business,” added <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a>.“Management and the Board of Directors are extremely focused on preserving and enhancing shareholder value. They are squarely aligned with shareholders, given that insiders collectively hold a 17 percent interest in the company.”SuperYacht Times has also reached out to <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> for a comment on the rumours.

OneWater in talks to acquire MarineMax  

OneWater Marine has issued an official statement following rumours online of talks to acquire its larger rival MarineMax.

OneWater issues statement over MarineMax acquisition rumours

South-Florida based marina and yacht repair facility <a data-gid="gid://syiq/Company/13" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Bradford Marine, Inc. (Company)">Bradford Marine</a> has acquired <a data-gid="gid://syiq/Company/5586" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Roscioli Yachting Center (Company)">Roscioli Yachting Center</a> from <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine Inc</a>.<img src="https://photo-assets.superyachttimes.com/photo/288964/image/large-d7babef5c8f8118e5687cc6450fbb20e.png" data-gid="gid://syiq/Photo/288964"><a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a> acquired the full-service marina and refit yard <a data-gid="gid://syiq/Company/5586" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Roscioli Yachting Center (Company)">Roscioli Yachting Center</a> in 2021. The yard is located in Fort Lauderdale and employs about 100 people, with generated revenues of over $15 million during 2020.<img src="https://photo-assets.superyachttimes.com/photo/288967/image/large-67789f199a58f1228a0352608eaaff18.jpg" data-gid="gid://syiq/Photo/288967"><a data-gid="gid://syiq/Company/13" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Bradford Marine, Inc. (Company)">Bradford Marine</a> acquired real estate and service operations at <a data-gid="gid://syiq/Company/5586" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Roscioli Yachting Center (Company)">Roscioli</a> on the 1st October, and have entered into a lease arrangement for <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a>’s sales organisation to remain on the property and for Bradford to provide support for the <a data-gid="gid://syiq/Company/6334" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Yacht Group (Company)">OneWater Yacht Group</a> and <a data-gid="gid://syiq/Company/354" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sunseeker (Company)">Sunseeker</a> brands.<img src="https://photo-assets.superyachttimes.com/photo/288971/image/large-98bb11dcc027699881ca21a72f2f91b1.jpg" data-gid="gid://syiq/Photo/288971">“This marks an incredibly important milestone for our growth as we bring together two esteemed full-service marinas, each with a rich history of delivering excellence in yacht repair and maintenance,” said John Kelly, CEO of <a data-gid="gid://syiq/Company/13" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Bradford Marine, Inc. (Company)">Bradford Marine</a>. “By combining our teams’ extensive expertise, we will continue to improve the yachting experience for our customers while striving to make yacht ownership easy and enjoyable.”<img src="https://photo-assets.superyachttimes.com/photo/288970/image/large-13a2723e0f1f85114dd2805ce2aeb017.jpg" data-gid="gid://syiq/Photo/288970">The strategic acquisition will further expand the footprint of <a data-gid="gid://syiq/Company/13" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Bradford Marine, Inc. (Company)">Bradford Marine</a> and enhance its capabilities and offerings, solidifying its position as a premier yachting destination. This union is set to expand <a data-gid="gid://syiq/Company/13" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Bradford Marine, Inc. (Company)">Bradford Marine</a>'s lift capacity, in-water dockage, and covered storage options for both in-water and out-of-water vessels.<img src="https://photo-assets.superyachttimes.com/photo/288972/image/large-8bf802416f1fd7be682494784eea2831.jpg" data-gid="gid://syiq/Photo/288972">“Since my father and I entered into the Fort Lauderdale marine industry in 2019 with our acquisition of <a data-gid="gid://syiq/Company/13" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Bradford Marine, Inc. (Company)">Bradford Marine</a> and Bradford Grand Bahama, we’ve been able to expand our service offerings through our acquisitions of Billfish Marina, High Seas Technology, Pipewelders Marine, P&amp;R Canvas, and now <a data-gid="gid://syiq/Company/5586" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Roscioli Yachting Center (Company)">Roscioli Yachting Center</a>,” said Michael Kelly, President and COO of <a data-gid="gid://syiq/Company/13" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Bradford Marine, Inc. (Company)">Bradford Marine</a>. “We’re excited to celebrate our expansion with our <a data-gid="gid://syiq/Company/13" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Bradford Marine, Inc. (Company)">Bradford</a> family of customers and the marine community at the upcoming <a data-gid="gid://syiq/Event/183" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Fort Lauderdale International Boat Show - 2023">Fort Lauderdale International Boat Show</a> later this month.”<img src="https://photo-assets.superyachttimes.com/photo/288966/image/large-7b05edfa3955ecfe9089712709596324.jpg" data-gid="gid://syiq/Photo/288966">

Bradford Marine acquires Roscioli Yachting Center

South-Florida based marina and yacht repair facility Bradford Marine has acquired Roscioli Yachting Center from OneWater Marine Inc.

<a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a>, one of the largest and fastest-growing premium marine retailers in the United States, has appointed Carmen Bauza to its Board of Directors.<img src="https://photo-assets.superyachttimes.com/photo/260999/image/large-1b5f0e47551ca9405db889d405e20e6a.jpg" data-gid="gid://syiq/Photo/260999">Ms. Bauza will serve as an additional independent director, effective from 1 March 2023. This appointment has increased the size of the Board from eight to nine directors, seven of whom are independent.“We are excited to welcome Carmen Bauza to the Board of Directors. Carmen is a seasoned executive with global retail experience and a proven track record of consistently driving growth through omni-channel marketing strategies, product innovation and digitisation,” said John Schraudenbach, <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a>’s Chairman of the Board. “We look forward to benefiting from Carmen’s valuable insights and expertise as we continue to execute on our growth strategy and deliver value for our shareholders.”Born in Ponce, Puerto Rico and a graduate of Seton Hill University, Ms. Bauza studied fashion merchandising and business management and has had numerous senior roles throughout her career. Ms. Bauza currently serves as a member of the board of directors for Zumiez Inc., Destination XL Group, Inc., and the board of managers of Claire’s Stores Inc. She is also an advisor to RoundTable Healthcare Partners.At <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a>, Ms. Bauza will also serve on the Audit and Compensation Committees with her fellow board members.

OneWater Marine appoints Carmen Bauza to Board of Directors

OneWater Marine has appointed Carmen Bauza to its Board of Directors, as an additional independent director. 

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delivered</a>The 160m <a data-gid="gid://syiq/Company/23" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lürssen Yachts (Company)">Lürssen</a> superyacht <a data-gid="gid://syiq/Yacht/7683" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Blue160.0m (524'11&quot;)Lürssen Yachts2022">Blue</a> was delivered to her owner from the <a data-gid="gid://syiq/Company/23" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lürssen Yachts (Company)">Lürssen</a> Aumund facility in Germany. The 14,785 GT superyacht is one of the biggest superyachts in the world.<ul><li><a data-gid="gid://syiq/Article/56443" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="146m Lürssen superyacht Opera on sea trials (2022-11-24 14:00:00 +0100)">146m Lürssen superyacht Opera on sea trials</a></li><li><a data-gid="gid://syiq/Article/56524" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Indonesia’s flagship: The 120m J7 Explorer delivered (2022-12-07 13:45:00 +0100)">Indonesia’s flagship: The 120m J7 Explorer delivered</a> &nbsp;</li><li><a data-gid="gid://syiq/Article/56144" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="In pictures: 118m flagship Feadship 1010 superyacht on sea trials (2022-10-12 16:00:00 +0200)">118m flagship Feadship 1010 superyacht on sea trials</a> &nbsp;</li><li><a data-gid="gid://syiq/Article/56639" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="In pictures: 118m Abeking 6507 superyacht spotted in Germany (2022-12-22 16:30:00 +0100)">118m Abeking 6507 superyacht spotted in Germany</a>&nbsp;</li></ul><img src="https://photo-assets.superyachttimes.com/photo/212643/image/large-ba2f96ab9f3c28bcf8c37fcf05a94801.jpg" data-gid="gid://syiq/Photo/212643">Construction updates<img src="https://photo-assets.superyachttimes.com/photo/225719/image/large-1b9569480036fbc7befb8fdc8661133b.jpg" data-gid="gid://syiq/Photo/225719"><a data-gid="gid://syiq/Article/55072" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="In pictures: Stern of Oceanco’s 111m superyacht Project Y722 revealed (2022-05-03 13:30:00 +0200)">Stern of Oceanco’s 111m superyacht Project Y722 revealed</a>The stern of <a data-gid="gid://syiq/Company/64" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Oceanco (Company)">Oceanco</a>’s Project Y722 superyacht has left the shed and this is the first time a section of this project, which is believed to measure 111m, has been seen.<ul><li><a data-gid="gid://syiq/Article/56474" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="107m Lürssen superyacht Project Icecap spotted in Germany (2022-11-30 15:30:00 +0100)">107m Lürssen superyacht Project Icecap spotted in Germany</a></li><li><a data-gid="gid://syiq/Article/55913" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Freire Shipyard lays keel of new 100m+ superyacht explorer (2022-09-13 13:15:00 +0200)">Freire Shipyard lays keel of new 100m+ superyacht explorer</a></li><li><a data-gid="gid://syiq/Article/56645" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="In pictures: Secretive 92m Feadship superyacht hull in transit (2022-12-23 17:30:00 +0100)">Secretive 92m Feadship superyacht hull in transit</a></li><li><a data-gid="gid://syiq/Article/54746" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Construction commences for ISA’s 80m superyacht project Amarcord (2022-03-10 16:45:00 +0100)">Construction commences for ISA’s 80m superyacht project Amarcord</a></li></ul><img src="https://photo-assets.superyachttimes.com/photo/212643/image/large-ba2f96ab9f3c28bcf8c37fcf05a94801.jpg" data-gid="gid://syiq/Photo/212643">Largest new orders<img src="https://photo-assets.superyachttimes.com/photo/225314/image/large-76b3ff1d3b79e304f98e23ae3b0977e9.png" data-gid="gid://syiq/Photo/225314"><a data-gid="gid://syiq/Article/55031" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Dörries Yachts to build 100m+ superyacht for an American Tech-Billionaire (2022-04-26 15:45:00 +0200)">Dörries Yachts to build 100m+ superyacht for an American Tech-Billionaire</a><a data-gid="gid://syiq/Company/3779" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Dörries Yachts (Company)">Dörries Yachts</a> has signed a contract for the construction of an all-new 100+ superyacht for an American Tech-Billionaire. The project is scheduled to be delivered in 2025. &nbsp;<ul><li><a data-gid="gid://syiq/Article/56650" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="85m New World Sloop: Royal Huisman to start construction of ‘world’s largest sloop’ in 2023 (2022-12-27 13:15:00 +0100)">85m New World Sloop: Royal Huisman to start build of ‘world’s largest sloop’ in 2023</a> &nbsp;</li><li><a data-gid="gid://syiq/Article/56080" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ferretti Group confirms sale of an 85m and 70m CRN superyacht (2022-10-04 11:15:00 +0200)">Ferretti Group confirms sale of an 85m and 70m CRN superyacht</a></li><li><a data-gid="gid://syiq/Article/55956" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="New 83m Nobiskrug superyacht Project Orkan by Harrison Eidsgaard sold (2022-09-20 11:30:00 +0200)">New 83m Nobiskrug superyacht Project Orkan&nbsp;by Harrison Eidsgaard sold</a></li><li><a data-gid="gid://syiq/Article/55594" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="ISA Yachts announces sale of 80m custom superyacht by Espen Øino (2022-07-19 11:00:00 +0200)">ISA Yachts announces sale of 80m custom superyacht by Espen Øino</a></li></ul><img src="https://photo-assets.superyachttimes.com/photo/212643/image/large-ba2f96ab9f3c28bcf8c37fcf05a94801.jpg" data-gid="gid://syiq/Photo/212643">Major used superyacht sales<img src="https://photo-assets.superyachttimes.com/photo/183766/image/large-9a80f4f7d81c52aeef4a3b270f275883.jpg" data-gid="gid://syiq/Photo/183766"><a data-gid="gid://syiq/Article/56592" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="SYT iQ market report: Superyacht sales of 2022 (2022-12-16 13:00:00 +0100)">SYT iQ market report: Superyacht sales of 2022</a><a href="https://superyachttimes.ac-page.com/homepage" rel="noopener noreferrer" target="_blank" title="">SYT iQ</a> has taken a look back at the sales figures for the year – and rather than comparing them to pre-pandemic levels, we’ve done a year-on-year comparison to 2021 – and the figures are surprising.<img src="https://photo-assets.superyachttimes.com/photo/212643/image/large-ba2f96ab9f3c28bcf8c37fcf05a94801.jpg" data-gid="gid://syiq/Photo/212643">Russia and the war in Ukraine <img src="https://photo-assets.superyachttimes.com/photo/18330/image/large-7860a6c9acf99848cffc5a7d0d08e3ce.jpg" data-gid="gid://syiq/Photo/18330"><a data-gid="gid://syiq/Article/54694" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Update on Russian yachts seized: US imposes sanctions on 89m Russian-owned superyacht Nirvana (2022-12-21 14:15:00 +0100)">Update on Russian yachts seized: US imposes sanctions on 89m Russian-owned superyacht Nirvana</a>&nbsp;&nbsp;SYT kept track of the Russian-owned superyachts seized as they sat in waters of the countries that are posing sanctions on Russian companies and oligarchs. <ul><li><a data-gid="gid://syiq/Article/54723" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Insight: What are the legal implications of sanctions against Russian yacht owners? (2022-03-08 13:45:00 +0100)">Insight: What are the legal implications of sanctions against Russian yacht owners?</a></li><li><a data-gid="gid://syiq/Article/55304" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Imperial Yachts issues statement over US Sanctions (2022-06-07 14:30:00 +0200)">Imperial Yachts issues statement over US Sanctions</a></li><li><a data-gid="gid://syiq/Article/55459" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Update: Seized Russian superyacht Axioma sold at auction for $37.5m (2022-09-28 08:00:00 +0200)">Update: Seized Russian superyacht Axioma sold at auction for $37.5m</a></li><li><a data-gid="gid://syiq/Article/55437" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Seized Russian-owned 106m superyacht Amadea arrives in San Diego (2022-06-28 16:45:00 +0200)">Seized Russian-owned 106m superyacht Amadea arrives in San Diego</a></li><li><a data-gid="gid://syiq/Article/56487" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="93m seized Feadship superyacht Royal Romance to be auctioned (2022-12-01 18:00:00 +0100)">93m seized Feadship superyacht Royal Romance to be auctioned</a></li><li><a data-gid="gid://syiq/Article/56491" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="U.S takes steps to seize 99m Russian-owned superyacht Madame Gu (2022-12-02 11:30:00 +0100)">U.S. takes steps to seize 99m Russian-owned superyacht Madame Gu</a>&nbsp;</li><li><a data-gid="gid://syiq/Article/54666" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Crew member attempts to sink €6.5m superyacht Lady Anastasia (2022-02-28 16:15:00 +0100)">Crew member attempts to sink €6.5m superyacht Lady Anastasia</a>&nbsp;</li></ul><img src="https://photo-assets.superyachttimes.com/photo/212643/image/large-ba2f96ab9f3c28bcf8c37fcf05a94801.jpg" data-gid="gid://syiq/Photo/212643">Casualties<img src="https://photo-assets.superyachttimes.com/photo/215491/image/large-a02880399c7742c5dd66758b25fec593.jpeg" data-gid="gid://syiq/Photo/215491"><a data-gid="gid://syiq/Article/55771" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Full round-up of yacht fires and casualties of 2022 (2022-09-05 10:45:00 +0200)">Full round-up of yacht fires and casualties of 2022</a>There has been a tragic number of yacht casualties so far this year; eight motor yachts caught fire, three sank, two were attacked, and a 50m sailing yacht was hit by a rescue vessel. SuperYacht Times has rounded up all the casualties (and near casualties) of 2022.<img src="https://photo-assets.superyachttimes.com/photo/212643/image/large-ba2f96ab9f3c28bcf8c37fcf05a94801.jpg" data-gid="gid://syiq/Photo/212643">SuperYacht Times presents the best of 2022<iframe width="640" height="360" src="https://www.youtube.com/embed/fxyb7luvbR0?&amp;wmode=opaque" frameborder="0" allowfullscreen="" class="fr-draggable"></iframe> <a data-gid="gid://syiq/Article/56628" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Video: SuperYacht Times best of 2022 (2022-12-21 14:00:00 +0100)">Video: SuperYacht Times best of 2022</a>The SuperYacht Times photographers have had a fantastic year chasing superyachts all over the world! Here is &nbsp;their 2022 highlights! We hope you enjoy the video and make sure to subscribe to our channel for all your superyacht content! These videos have been taken by Photographer Ruben Griffioen and Léandre Loyseau of the <a href="https://superyachttimes.ac-page.com/homepage" rel="noopener noreferrer" target="_blank" title="">SYT iQ</a> team.

 SuperYacht Times Synopsis: 2022

The SuperYacht Times Synopsis looks back over the year for a rundown of the top business stories from 2022.  

SYT Synopsis 2022: Major acquisitions, five 100m+ superyachts delivered, and around €6b worth of sales

SuperYacht Times Synopsis April 

The SuperYacht Times Synopsis, as brought to you by SYT iQ, gives you the rundown of the top business stories and market reports from last month.  

SYT Synopsis: A roundup of April 

<a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a> has finalised the acquisition of <a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison Yachting</a> and, as of today, has added the leading US brokerage firm to its <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> portfolio of organisations and companies. The acquisition is set to further advance <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a>’s growth and diversification strategy, significantly bolstering its product portfolio and customer reach.<img src="https://photo-assets.superyachttimes.com/photo/223343/image/large-2771daf28e5aed1614af060fb3910c24.jpg" data-gid="gid://syiq/Photo/223343">“We are thrilled to welcome Bob Denison and his team into the <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> family, which expands and strengthens our presence in the superyacht and yacht categories,” said Austin Singleton, Chief Executive Officer for <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a>. “As we move through the second fiscal quarter, we continue to capitalise on record demand and a growing backlog.”Read:&nbsp;<a data-gid="gid://syiq/Article/54812" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Bob Denison on why acquisition by OneWater Marine means big things for the American yacht brokerage firm (2022-03-22 13:15:00 +0100)">Bob Denison on why acquisition by OneWater Marine means big things for the American yacht brokerage firm</a><img src="https://photo-assets.superyachttimes.com/photo/114971/image/large-d13b0031183412a92551fe76d7c75d5c.jpg" data-gid="gid://syiq/Photo/114971">“Orders at the <a href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Miami International Boat Show - 2022">Miami Boat</a> show were off the charts for both <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> and <a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison</a>, which underscore our combined position as the premier marine retailer of choice from superyachts and yachts to traditional boat sales, parts, and service,” Singleton continued. “We look forward to enhancing our leadership position in the market in the coming years.”The acquisition follows record numbers for both companies at the <a href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Miami International Boat Show - 2022">Miami</a> and <a href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Palm Beach International Boat Show - 2022">Palm Beach Boat Shows</a>, which took place in February and March of this year respectively. <a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison Yachting</a> has had some outstanding years, and in 2021 alone the firm secured 1,000 yacht sales and saw an increase of 177 percent in yacht charters. The firm has a longstanding heritage and has been a leading yacht broker in the states for some 70 years now. It also operates 21 offices, seven of which are in Fort Lauderdale and one is in Monaco. <img src="https://photo-assets.superyachttimes.com/photo/178342/image/large-4c6ee80e15ccd3c91b0a61b672d6e834.png" data-gid="gid://syiq/Photo/178342">Read:&nbsp;<a data-gid="gid://syiq/Article/54689" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title='"Consolidation in yacht brokerage is inevitable": Daniel Ziriakus of Northrop and Johnson (2022-03-03 14:00:00 +0100)'>"Consolidation in yacht brokerage is inevitable": Daniel Ziriakus of Northrop and Johnson&nbsp;</a>“Strong consumer demand continues to fuel our growth and strengthens our position as industry leaders throughout the United States, Europe, and the Mediterranean <a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison</a>’s team of experienced yacht brokers is unparalleled in the world of yachting,” Bob Denison, President of <a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison Yachting</a>, commented. “Their commitment to taking incredible care of clients will be accelerated thanks to <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a>’s tools, resources, and support. We are excited to be joining the <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> family, and we look forward to what our shared future holds.”

OneWater Marine finalises acquisition of Denison Yachting

OneWater Marine has finalised the acquisition of Denison Yachting and, as of today, has added the leading US brokerage firm to its OneWater portfolio.

A rundown of the yacht business news in March

The SuperYacht Times Synopsis, as brought to you by SYT iQ, gives you the rundown of the top business stories and market reports from last month.   

SYT Synopsis: A rundown of March 

With the <a data-gid="gid://syiq/Article/54812" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Bob Denison and OneWater Marine on why the acquisition means big things for the American yacht brokerage firm (2022-03-22 12:00:00 +0100)">news that OneWater Marine has reached an agreement with Denison Yachting</a> to purchase the American yacht brokerage firm, SYT caught up with President, Bob Denison, to hear more about the news.<img src="https://photo-assets.superyachttimes.com/photo/209237/image/large-776c5f428154e67ea9f181eac2adf2ee.jpeg" data-gid="gid://syiq/Photo/209237"> Following a year of record-breaking sales and an announcement to expand into Europe, this acquisition comes as a surprise – can you share the motivation and rationale behind selling&nbsp;<a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison Yachting</a>&nbsp;to&nbsp;<a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a>?Selling a multi-generational business isn’t an easy decision for anyone. One looks back at the generations before, perhaps seeking approval and also forward, making sure this decision would be the best one for those who will be in leadership tomorrow. Ultimately, we felt this decision was the right one, especially because the people buying us are good, smart people we felt very comfortable with working with for many years ahead.<img src="https://photo-assets.superyachttimes.com/photo/178717/image/large-295390de6304c9730e6c213483f48429.png" data-gid="gid://syiq/Photo/178717">You mentioned that your commitment to your clients will be accelerated by&nbsp;<a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a>’s tools, resources and support. Can you go into more detail here?There are lots of things I’m excited about here. The core of any decent yacht brokerage business is creatively figuring out how to take great care of your broker, employees and of course, your clients. A family business is often limited in this vision by its own means. One of the benefits of working with bigger groups is the ability to breathe life into ideas that seemed impossible before.Will&nbsp;<a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison Yachting</a>, under the wing of&nbsp;<a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a>, branch out of brokerage and work additionally in other areas of the yachting sector?Currently <a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison</a> offers a full suite of yacht services, including sales, charter, management and crew. This will also remain in place.<img src="https://photo-assets.superyachttimes.com/photo/220612/image/large-9385c8d3114c147a99a2f6750d032d9e.jpg" data-gid="gid://syiq/Photo/220612">Will&nbsp;<a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison Yachting</a>&nbsp;still operate under its name, or will it be rebranded following the sale?Our family is thrilled <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> has decided to keep our name and branding and people in place.Are there big plans in the pipeline for&nbsp;<a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison Yachting</a>&nbsp;that this acquisition will allow to take root?Yes.<img src="https://photo-assets.superyachttimes.com/photo/220613/image/large-8bd81c8d32aaf254e5c34a90209c2cfd.jpg" data-gid="gid://syiq/Photo/220613">Can we expect to see a restructuring of&nbsp;<a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison Yachting</a>? And will you still act as President of the company?No restructuring is expected at all. And I’m happy to report I’ll be remaining as President at <a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison</a>.

Bob Denison talks OneWater Marine acquisition

SYT caught up with Bob Denison, President of Denison Yachting, to hear more about the OneWater acquisition news.

Bob Denison on why acquisition by OneWater Marine means big things for the American yacht brokerage firm

This article has been written for SYT by Daniel Ziriakus, President &amp; COO of <a data-gid="gid://syiq/Company/526" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Northrop and Johnson (Company)">Northrop and Johnson</a>, who shares his thoughts on why he believes the brokerage industry is destined for further consolidation in coming years. The piece is particularly poignant in the light of <a data-gid="gid://syiq/Article/54680" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting to be sold to OneWater Marine (2022-03-02 13:30:00 +0100)">yesterday's news that Denison Yachting is to be purchased by OneWater Marine</a>.<img src="https://photo-assets.superyachttimes.com/photo/219123/image/large-810ab6336089d45aca45dce6cff04e97.jpeg" data-gid="gid://syiq/Photo/219123">Having been in the industry since the mid-2000s, I was fortunate enough to experience the boom the yachting industry experienced in the period just before the global financial crisis. I was also there to see that boom followed by a huge fall in client demand, and a glut in supply as a large number of over-leveraged or perception conscious yacht owners all tried to liquidate their assets at the same time. Many of the smaller brokerage shops were created at that time, started by frustrated brokers who wanted to decouple from the larger houses because of the budget cuts affecting their bottom line.Many of these new brokerage firms operated with minimal overhead, with a business model to make up their income by keeping 100% of the commission rather than only being paid a portion. I’d call this the birth of the “bedroom laptop” brokers. Set up a glossy website with a few unvetted API feeds, get yourself a PO Box in Miami or Monaco, and spend a little on SEO, and to the untutored client surfing the web you can look very similar to a larger brokerage house with hundreds of employees and multiple offices in expensive locations. <img src="https://photo-assets.superyachttimes.com/photo/219124/image/large-eb22920ece83e9b24e076486379b2f0f.jpeg" data-gid="gid://syiq/Photo/219124">Fast-forward to 2012 and beyond, when the yachting industry began to recover – from this point onward, inventory levels recuperated with more new builds starting to trickle into the marketplace. Larger houses gained increasing strength from operating large sales, management and charter fleets which referred business to one another, and many of those "bedroom-player" brokers didn't survive, save for a few who managed to build strong relationships with a few key clients buying and selling multiple yachts.&nbsp;The industry has quickly grown up with genuine advancements in technology, industry intelligence, and beyond throughout the last decade. Now, market intelligence, martech developments, the use of AI and machine learning, proper sales lead generation tools and advanced ERPs can deliver better results to more demanding and better-informed customers.&nbsp;&nbsp;In today's world, smaller boutique houses simply don't have the financial backing or economies of scale to execute at the level of larger brokerages, despite some having excellent staff and brokers. They are trying to operate an analogue service in what is increasingly becoming a digital business. Today, many of the leading global firms like ours have excellent systems, and can deliver an immensely personal experience through their brokers while also providing financial strength, data, and intelligence systems to ensure clients have a leg up on the competition. Global firms shorten selling times for sellers, have access to more listings for sale and charter off-market, and can offer them more services, such as charter marketing, yacht management and crew placement, without diluting their bread-and-butter offerings. Global firms have the strategic insights, know-how and talent density available to properly bring a yacht to market and the deep pockets to deliver incredible, impactful campaigns for their clients.Saying all of this is not to disparage the quality of some of the teams at smaller brokerages, as some of them can still be efficient and effective in their roles. Still, data shows that it is increasingly challenging for smaller houses to compete with multinational, global firms with greater reach. The numbers don't lie, and the answers to many questions surrounding this topic are in the data. The barriers to entry for one broker working from his laptop remain low, but the barriers for a small brokerage company to grow into a big company are increasingly high, because of systems.<img src="https://photo-assets.superyachttimes.com/photo/219126/image/large-206b550a22422538d353d3e1d1b64044.jpeg" data-gid="gid://syiq/Photo/219126">Another worthwhile note: the yachting industry doesn't have a unique MLS system. Don't get me wrong, Yatco, Yachtworld and others are excellent tools and most firms including us &nbsp;subscribe to them. But, for example, at <a data-gid="gid://syiq/Company/526" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Northrop and Johnson (Company)">Northrop &amp; Johnson</a>, these tools only provide about 15% of the market intelligence and industry data that we make available to our brokers.&nbsp;The in-house technology and data analysis systems we provide allows our brokers to provide their clients with up-to-the-minute information regarding everything from new listings joining the market, yachts in build, real-time comps when selling a yacht, which charter yacht is available and where it is located now. This means that we offer our clients something that not everyone else in the industry can. Furthermore, global brokerages like <a data-gid="gid://syiq/Company/526" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Northrop and Johnson (Company)">Northrop &amp; Johnson</a> simply have greater numbers, and have more brokers in their ranks. And with more people of course comes greater knowledge and deeper insights into market trends. Smaller boutique brokerages with two or three brokers simply can't match the knowledge base that a 40, 50, or 60 strong brokerage team can. The experience, expertise, and knowledge shared between our brokers based worldwide cannot be matched by a smaller firm of people in only one or two locations. Insights and intelligence drive business for the benefit of all.&nbsp;<a data-gid="gid://syiq/Company/526" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Northrop and Johnson (Company)">Northrop &amp; Johnson</a> is actually a prime example of how consolidation can benefit a brand. For many years <a data-gid="gid://syiq/Company/526" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Northrop and Johnson (Company)">Northrop &amp; Johnson</a> was considered a small US-based boutique firm, in the middle of a pack alongside many other similar sized firms. But through consolidation, mergers and finally acquisitions throughout the last decade, <a data-gid="gid://syiq/Company/526" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Northrop and Johnson (Company)">Northrop &amp; Johnson</a> has now transformed itself into one of the top brokerage firms in the world, and the fastest-growing yacht brokerage in Europe. This growth has come about because we possess the finances to invest in our infrastructure, increase the teamwork between brokers, and install the technology and innovative marketing strategies our clients want. As a result we have built a formula that has helped us to grow from a boutique Florida-based business to a world-leading firm.&nbsp;Read: <a data-gid="gid://syiq/Article/54680" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting to be sold to OneWater Marine (2022-03-02 13:30:00 +0100)">Denison Yachting to be sold to OneWater Marine</a>Here's the bottom line: to do a superb job for clients, it's not only necessary, but essential, for a company to reach a scale and revenue that provides the budget for systems and technology, and which sets the firm apart from the pack. None of the boutique brokerages have the financial strength and talent equity and density in the martech field to develop ERP systems that cost millions of dollars; still less the IT knowledge in-house to create their own from scratch. And unfortunately, there isn’t the scale in yachting for the large MLS systems and platforms to get into the industry and make any real money, so creating your own bespoke systems is really all you can do – IF you have the resources.From my standpoint, consolidation is inevitable to compete in the future properly, whether via the organic movements of individual brokers joining larger houses to increase their incomes, or through mergers and acquisitions of smaller firms where you can acquire a whole team in a certain location. This should certainly make for an interesting next few years.This article was originally published in&nbsp;<a href="https://www.superyachttimes.com/yacht-news/superyacht-times-issue-40-published" target="_blank">Issue 40 of SuperYacht Times newspaper</a><a href="https://www.superyachttimes.com/yacht-news/superyacht-times-issue-40-published" target="_blank">.</a> To read more stories like this one and to never again miss another issue of the SuperYacht Times newspaper, <a href="https://shop.superyachttimes.com/report/the-superyacht-times-subscription" target="_blank">subscribe here</a>.

SYT exclusive interview with the president and COO of Northrop and Johnson

Daniel Ziriakus, President & COO of Northrop and Johnson, shares his thoughts on the brokerage industry.

"Consolidation in yacht brokerage is inevitable": Daniel Ziriakus of Northrop and Johnson

In a major announcement, <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a> has just released the news that is has reached an agreement to purchase American yacht brokerage firm <a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison Yachting</a>. Bob Denison and the <a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison Yachting</a> team, who recently reported record sales during the Miami International Boat Show, will become part of the <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine Group</a> which owns marinas in 21 locations across the United States, alongside a number of US shipyards, brokerages and other facilities. <img src="https://photo-assets.superyachttimes.com/photo/30214/image/large-a8ee21972a91ea952f6fc2da893c5d58.jpg" data-gid="gid://syiq/Photo/30214">Read: <a data-gid="gid://syiq/Article/52957" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tom George on the foundation of the OneWater Yacht Group (2021-05-19 11:30:00 +0200)">Tom George on the foundation of the OneWater Yacht Group</a>“We are thrilled to welcome Bob Denison and his team into the <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> family, which expands and strengthens our presence in the superyacht and yacht categories,” said Austin Singleton, Chief Executive Officer for <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a>. “As we move through the second fiscal quarter, we continue to capitalise on record demand and a growing backlog. Orders at the Miami Boat show were off the charts for both <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> and <a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison</a>, which underscore our combined position as the premier marine retailer of choice from superyachts and yachts to traditional boat sales, parts and service. We look forward to enhancing our leadership position in the market in the coming years.”<img src="https://photo-assets.superyachttimes.com/photo/209108/image/large-e99bfe00014215cdc9d5e5e23aa85ead.jpeg" data-gid="gid://syiq/Photo/209108">Read: <a data-gid="gid://syiq/Article/53903" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="SYT Exclusive: Bob Denison on how Denison Yachting will duplicate its US success in Europe (2021-10-19 10:15:00 +0200)">SYT Exclusive: Bob Denison on how Denison Yachting will duplicate its US success in Europe</a>The move significantly expands <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a>'s yachts sales and services strength, with <a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison Yachting</a>'s 70-plus years of experience in the yachting industry. Bob Denison commented, “Strong consumer demand continues to fuel our growth and strengthens our position as industry leaders throughout the United States, Europe and the Mediterranean. <a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison</a>’s team of experienced yacht brokers is unparalleled in the world of yachting. Their commitment to take incredible care of clients will be accelerated thanks to <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a>’s tools, resources and support. We are excited to be joining the <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> family and we look forward to what our shared future holds.”The news comes not long after <a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison Yachting</a> made the expansion into Europe, <a data-gid="gid://syiq/Article/53703" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="American brokerage firm Denison Yachting announces European expansion (2021-09-16 12:30:00 +0200)">opening its first office in Monaco</a> at the tail end of last year. <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a> has been on an extensive expansion campaign over the last few years, purchasing the <a data-gid="gid://syiq/Company/5586" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Roscioli Yachting Center (Company)">Roscioli Yachting Centre</a> and <a data-gid="gid://syiq/Company/2771" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tom George Yacht Group (Company)">Tom George Yacht Group</a> (now the <a data-gid="gid://syiq/Company/6334" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Yacht Group (Company)">OneWater Yacht Group</a>), among many other acquisitions in 2021.<img src="https://photo-assets.superyachttimes.com/photo/195707/image/large-de67fa31773c049f18d6b319a791d975.jpg" data-gid="gid://syiq/Photo/195707">It is not yet clear if, when the acquisition is finalised, whether <a data-gid="gid://syiq/Company/833" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Denison Yachting (Company)">Denison Yachting</a> will retain its brand identity, or if it will be rebranded part of the <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a> name.

Denison Yachting to be purchased by OneWater Marine

OneWater Marine has reached an agreement for the purchased of American brokerage firm Denison Yachting.

Denison Yachting to be sold to OneWater Marine

<a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a>, one of the fastest growing yacht retailers in the United States, have just appointed industry veteran James Brewer as the new Managing Director of <a data-gid="gid://syiq/Company/5586" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Roscioli Yachting Center (Company)">Roscioli Yachting Center</a> in Florida. <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a> acquired <a data-gid="gid://syiq/Company/5586" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Roscioli Yachting Center (Company)">Roscioli</a> at the tail end of 2020, as the focal shipyard of the newly founded <a data-gid="gid://syiq/Company/6334" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Yacht Group (Company)">OneWater Yacht Group</a>, headed by industry entrepreneur Tom George. <img src="https://photo-assets.superyachttimes.com/photo/199111/image/large-1469ce46bf4fdbb0eaad1293a1c06336.jpeg" data-gid="gid://syiq/Photo/199111">The <a data-gid="gid://syiq/Company/5586" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Roscioli Yachting Center (Company)">Roscioli Yachting Center</a> is a large shipyard in Fort Lauderdale, Florida, and acts as the refit, repair and maintenance shipyard for the extensive fleet of <a data-gid="gid://syiq/Company/6334" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Yacht Group (Company)">OneWater Yacht Group</a>. The yard was established by Bob Roscioli, another Florida industry veteran, and is a highly respected site with a trusted reputation. <img src="https://photo-assets.superyachttimes.com/photo/195707/image/large-de67fa31773c049f18d6b319a791d975.jpg" data-gid="gid://syiq/Photo/195707">James Brewer will begin his new role on the 12th of July, and will lead the strategy, planning, execution and business development of the shipyard. Austin Singleton, CEO of <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater Marine</a>, commented, “James is a legend in the South Florida yachting community. We are thrilled to have him join the <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> family to extend Bob Roscioli’s legacy and grow our yachting sales and service capabilities.”<a data-gid="gid://syiq/Company/5586" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Roscioli Yachting Center (Company)">Roscioli Yachting Center</a> offers services for yachts up to 46-metres, and supports the sale of <a data-gid="gid://syiq/Company/5729" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Absolute Yachts (Company)">Absolute</a>, Belize, <a data-gid="gid://syiq/Company/1399" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Riviera Yacht (Company)">Rivera</a> and <a data-gid="gid://syiq/Company/354" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sunseeker (Company)">Sunseeker</a> yachts. Brewer has more than four decades of experience in the industry, including at <a data-gid="gid://syiq/Company/36" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Derecktor Shipyards (Company)">Derecktor Shipyards</a>, where he spent more than 30 years managing business development. Tom George, Managing Director of <a data-gid="gid://syiq/Company/6334" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Yacht Group (Company)">OneWater Yacht Group</a> added, “We are thrilled to welcome James into the <a data-gid="gid://syiq/Company/6146" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Marine Inc. (Company)">OneWater</a> family. His deep industry knowledge will be invaluable to further developing the <a data-gid="gid://syiq/Company/6334" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="OneWater Yacht Group (Company)">OneWater Yacht Group</a>’s growth strategy including expanding the <a data-gid="gid://syiq/Company/5586" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Roscioli Yachting Center (Company)">Roscioli Yachting Center</a> brand in the refit and service market.”&nbsp;

James Brewer joins OneWater Marine

OneWater Marine have announced the appointment of James Brewer as the new Managing Director of Roscioli Yachting Center.