MarineMax acquires Wisconsin-based yacht manufacturer
MarineMax (NYSE: HZO), a boat and yacht retailer based in Clearwater, acquired KCS International, also known as Cruisers Yachts, headquartered in Oconto, Wisconsin.
Cruisers Yachts produces models from 33’ to 60’ feet. The company recently announced the expansion of its production capacity by purchasing a 216,000 square foot, purpose-built boat manufacturing plant in Pulaski, Wisconsin, according to a statement from MarineMax.
Cruisers navigated through the 2020 pandemic producing revenue of over $75 million, the statement said.
Cruisers’ dealer network includes Silver Seas Yachts, which was acquired by MarineMax in October 2020 and five recently added MarineMax locations.
“The strategic acquisition of Cruisers Yachts benefits our customers by filling a meaningful void in our product portfolio, which was created in 2018 by the loss of Sea Ray sport yacht and yacht models,” said W. Brett McGill, chief executive officer and president of MarineMax, in the statement. “The acquisition also aligns with our long-term strategy of expanding our gross margins by adding a higher margin business.”
Prior to the acquisition, MarineMax’s financial capacity, consisting of cash and cash equivalents, along with available borrowings under its credit facilities, exceeded $400 million. The Company paid $63 million for Cruisers including the recently acquired Pulaski, Wisconsin facility.