cruisers yachts ceo

MarineMax Acquires Cruisers Yachts

~Leading American Made Yacht Manufacturer~

~Strategically Secures and Strengthens Its Product Portfolio~

~Cruisers’ Recent Expansion Provides Additional Growth Capacity~

~Acquisition Expected To Be Accretive in First Full Year~

CLEARWATER, Fla.--( BUSINESS WIRE )--MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced the acquisition of KCS International, Inc., better known as Cruisers Yachts, headquartered in Oconto, Wisconsin. Cruisers Yachts (Cruisers) is recognized as one of the world’s premier manufacturers of premium yachts, producing models from 33’ to 60’ feet. Cruisers, due to demand, recently announced the expansion of their production capacity by purchasing a 216,000 square foot, purpose-built boat manufacturing plant in Pulaski, WI. Such expansion allows Cruisers to more than double its capacity over time. MarineMax’s acquisition of Cruisers Yachts ensures it will always have a premium, American built yacht in its product portfolio. The Company expects the acquisition to be accretive in its first full twelve-month period.

With over 100 years of heritage, Cruisers has successfully navigated through various industry cycles and grown through innovation and product leadership. After launching the distinguished design and innovation of the Cantius yacht series in 2011, Cruisers’ growth and market share accelerated. The Company successfully navigated through the 2020 pandemic, producing revenue of over $75 million. Cruisers has an accomplished dealer network, including SkipperBud’s and Silver Seas Yachts, which were acquired by MarineMax in October 2020, plus five recently added MarineMax locations. Combined, MarineMax accounts for nearly half of Cruisers’ revenue on an annual basis.

W. Brett McGill, Chief Executive Officer and President of MarineMax stated, "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. The acquisition also aligns with our long-term strategy of expanding our gross margins by adding a higher margin business. Cruisers has a seasoned, passionate and successful team. Their industry knowledge and their recent expansion, combined with MarineMax’s resources, will enable Cruisers to accelerate its positioning in the market. We can continue to expand and grow with Cruisers’ model line-up in markets that are available. We are excited to have Mark Pedersen join our management team as he will continue to lead the operations of Cruisers’ more than 350 team members.”

Mark Pedersen, President of Cruisers Yachts stated, “We are very excited about becoming part of the MarineMax family and the great opportunities that lie ahead. Over the years we have recognized that certain customers prefer to only buy an American built yacht, and our brand compliments MarineMax’s other offerings. The MarineMax team has a proven track record of great success in our industry. With our loyal Cruisers owners and a strong dealer network, we will all greatly benefit from being a part of MarineMax.”

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, WI facility. The Company will provide additional details on the acquisition when it reports its June 2021 results.

About MarineMax MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 77 retail dealership locations, including 30 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, it is also the largest super-yacht services provider, operating locations across the globe. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience. MarineMax is a New York Stock Exchange-listed company (NYSE:HZO). For more information, please visit www.marinemax.com .

Forward Looking Statement Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the belief that Cruisers will accelerate its improvement in market position, the acquisition being accretive, the Company’s long-term strategy to grow its cycle resilient higher margin businesses, the Company’s continued growth. These statements are based on current expectations, forecasts, risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners, and the overall economy, general economic conditions, as well as those within our industry, the level of consumer spending, the Company’s ability to integrate acquisitions into existing operations, the continued recovery of the industry, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2020 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Michael H. McLamb Chief Financial Officer 727-531-1700

Media: Abbey Heimensen MarineMax, Inc.

Investors: Brad Cohen or Dawn Francfort ICR, LLC [email protected]

MarineMax Buys Cruisers, Gets Bigger and Bigger

About 20 years ago, I sat next to Bill McGill, the founder and president of MarineMax, at a black-tie dinner in Rimini, on the Atlantic coast of Italy, a gorgeous seaside resort often seen in Fellini movies. We were at a Ferretti Yachts presentation, and McGill, who had just started MarineMax in 1998, was in an expansive mood.

From its headquarters in Clearwater, Florida, MarineMax has indeed grown during the intervening years. It is now the largest boat retailer in the world, with 77 dealers at 100 locations. This week MarineMax got even bigger: It just bought Cruisers Yachts in Oconto, Wisconsin, from KCS International for $63 million. Cruisers, which makes boats from 33 to 60 feet, reported revenue of more than $75 million last year. And it bought the former Carver/Marquis factory in nearby Pulaski earlier this year, giving it room for major expansion.

“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 sport yacht models,” said Brett McGill, who succeeded his father as president CEO of MarineMax in 2018. “The acquisition also aligns with our long-term strategy of expanding our gross margins by adding a higher-margin business.”

He added that, “MarineMax’s acquisition of Cruisers Yachts ensures it will always have a premium, American-built yacht in its product portfolio.”

The brands that MarineMax now sells include Aquila (made in China), Boston Whaler, Galeon (Poland), Ocean Alexander (Taiwan), and smaller Sea Rays. It also runs MarineMax Vacations, a charter business in the British Virgin Islands (see picture at top), and finance and insurance operations. It is the largest provider of superyacht services, owning Fraser Yachts and Northrop and Johnson with 27 locations around the world.

With the purchase of Cruisers, MarineMax has created a vertical integration from boatbuilder to retail showroom to a local marina, all owned by the same company. MarineMax is listed on the New York Stock Exchange, under the symbol HZO.

At the end of March last year, in the depth of the Covid-19 economic crisis, MarineMax stock was selling at about $8. It then shot up during the boating boom, as people bought new and used boats as a way to get outside and enjoy themselves during the pandemic. This week MarineMax was trading at the $62 level.

For its part, Carver was purchased for an undisclosed sum by KC Stock, a local builder and businessman, in 1993. He ran Carver as part of the privately-held KCS International.  Read more:

http://marinemax.com

https://www.tampabay.com/news/business/2021/05/03/clearwaters-marinemax-buys-wisconsin-yacht-builder-for-63-million/

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MarineMax acquires Cruisers Yachts

Brett McGill, CEO and President of MarineMax, stated, “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. The acquisition also aligns with our long-term strategy of expanding our gross margins by adding a higher margin business. Cruisers has a seasoned, passionate, and successful team. Their industry knowledge and their recent expansion, combined with MarineMax’s resources, will enable Cruisers to accelerate its positioning in the market. We can continue to expand and grow with Cruisers’ model line-up in available markets. We are excited to have Mark Pedersen join our management team as he will continue to lead the operations of Cruisers’ more than 350 team members.”

With over 100 years of heritage, Cruisers has successfully navigated through various industry cycles and grown through innovation and product leadership. After launching the distinguished design and innovation of the Cantius yacht series in 2011, Cruisers’ growth and market share accelerated. They are recognized as one of the world’s premier manufacturers of premium yachts, producing models from 33′ to 60′ feet. Cruisers has an accomplished dealer network, including SkipperBud’s and Silver Seas Yachts, which MarineMax acquired in October 2020, plus five recently added MarineMax locations. Cruisers, due to demand, recently announced the expansion of their production capacity by purchasing a 216,000 square foot, purpose-built boat manufacturing plant in Pulaski, WI. The expansion allows Cruisers to more than double its capacity over time. MarineMax’s acquisition of Cruisers Yachts ensures it will always have a premium, American-built yacht in its product portfolio.

Mark Pedersen, President of Cruisers Yachts, stated, “We are very excited about becoming part of the MarineMax family and the great opportunities that lie ahead. Over the years, we have recognized that certain customers prefer only to buy an American built yacht, and our brand compliments MarineMax’s other offerings. The MarineMax team has a proven track record of great success in our industry. With our loyal Cruisers owners and a strong dealer network, we will all greatly benefit from being a part of MarineMax.”

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Monday 31st May 2021, the launch ceremony of the new RSY 38m EXP took place in the presence of the owners and their family, in full compliance with the COVID measures, which did not hinder the important operations of launching a new boat.

• MarineMax acquires Cruisers Yachts 3 May 2021
• Postponement of Voiles d’Antibes 2021 from June to September 27 February 2021
• Benetti launched M/Y Sunrise, 9th unit of Mediterraneo 116 20 February 2021

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MarineMax Acquires Cruisers Yachts

~Leading American Made Yacht Manufacturer~

~Strategically Secures and Strengthens Its Product Portfolio~

~Cruisers’ Recent Expansion Provides Additional Growth Capacity~

~Acquisition Expected To Be Accretive in First Full Year~

CLEARWATER, Fla. --(BUSINESS WIRE)-- MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced the acquisition of KCS International, Inc. , better known as Cruisers Yachts, headquartered in Oconto, Wisconsin . Cruisers Yachts (Cruisers) is recognized as one of the world’s premier manufacturers of premium yachts, producing models from 33’ to 60’ feet. Cruisers, due to demand, recently announced the expansion of their production capacity by purchasing a 216,000 square foot, purpose-built boat manufacturing plant in Pulaski, WI. Such expansion allows Cruisers to more than double its capacity over time. MarineMax’s acquisition of Cruisers Yachts ensures it will always have a premium, American built yacht in its product portfolio. The Company expects the acquisition to be accretive in its first full twelve-month period.

With over 100 years of heritage, Cruisers has successfully navigated through various industry cycles and grown through innovation and product leadership. After launching the distinguished design and innovation of the Cantius yacht series in 2011, Cruisers’ growth and market share accelerated. The Company successfully navigated through the 2020 pandemic, producing revenue of over $75 million . Cruisers has an accomplished dealer network, including SkipperBud’s and Silver Seas Yachts, which were acquired by MarineMax in October 2020 , plus five recently added MarineMax locations. Combined, MarineMax accounts for nearly half of Cruisers’ revenue on an annual basis.

W. Brett McGill , Chief Executive Officer and President of MarineMax stated, "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. The acquisition also aligns with our long-term strategy of expanding our gross margins by adding a higher margin business. Cruisers has a seasoned, passionate and successful team. Their industry knowledge and their recent expansion, combined with MarineMax’s resources, will enable Cruisers to accelerate its positioning in the market. We can continue to expand and grow with Cruisers’ model line-up in markets that are available. We are excited to have Mark Pedersen join our management team as he will continue to lead the operations of Cruisers’ more than 350 team members.”

Mark Pedersen , President of Cruisers Yachts stated, “We are very excited about becoming part of the MarineMax family and the great opportunities that lie ahead. Over the years we have recognized that certain customers prefer to only buy an American built yacht, and our brand compliments MarineMax’s other offerings. The MarineMax team has a proven track record of great success in our industry. With our loyal Cruisers owners and a strong dealer network, we will all greatly benefit from being a part of MarineMax.”

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, WI facility. The Company will provide additional details on the acquisition when it reports its June 2021 results.

About MarineMax MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 77 retail dealership locations, including 30 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, it is also the largest super-yacht services provider, operating locations across the globe. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands . The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience. MarineMax is a New York Stock Exchange -listed company (NYSE:HZO). For more information, please visit www.marinemax.com .

Forward Looking Statement Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the belief that Cruisers will accelerate its improvement in market position, the acquisition being accretive, the Company’s long-term strategy to grow its cycle resilient higher margin businesses, the Company’s continued growth. These statements are based on current expectations, forecasts, risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners, and the overall economy, general economic conditions, as well as those within our industry, the level of consumer spending, the Company’s ability to integrate acquisitions into existing operations, the continued recovery of the industry, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2020 and other filings with the Securities and Exchange Commission . The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com : https://www.businesswire.com/news/home/20210503005248/en/

Michael H. McLamb Chief Financial Officer 727-531-1700

Media: Abbey Heimensen MarineMax, Inc.

Investors: Brad Cohen or Dawn Francfort ICR, LLC [email protected]

Source: MarineMax, Inc.

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Cruisers Yachts was founded in 1953 in Oconto, Wisconsin, on the shores of Green Bay. Since then, we’ve built a legend, with an eye toward utilizing a deep and knowledgeable workforce to produce boats that keep customers safe and happy as they chase adventures worldwide. By now, Cruisers is proud to have 4th generation boatbuilders in its factory, something that very few other companies can claim.

Whether boaters prefer the comfort and livability of the Cantius  line, the heart-thumping excitement of a ride in one of our GLS  models, or the unmatched features and innovation of the FLY  series, Cruisers Yachts is dedicated to bringing American-made boatbuilding quality to a level that’s never been seen before. That’s why our customers choose Cruisers Yachts time and time again, as they make their lifelong commitment to the joy of being on the water.

Explore the differences between each series and discover which Cruisers Yachts model is right for you »

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About Cruisers Yachts

In the case of our yachts and your journeys, you're buying a company culture that has uncompromising love of yachts and the people that own them. Welcome to Cruisers Yachts.

The Beginning

In 1904, Thompson Bros. Boat Manufacturing Co. made its first home in the small, northern town of Peshtigo, Wisconsin starting the legacy of a family boat-building business.  Always thinking big in terms of the craft and durability they brought to the boat industry, the second generation of Thompson's started building wood lapstrake outboard cabin cruisers in Oconto, Wisconsin in the early 1950s.

The first known Cruisers, Inc. catalog debuted in 1956. Prior to that, the company was building 14' and 16' boats under the Thompson Bros. label.  In 1965 wood boats were replaced with fiberglass as the new technology was wreaking havoc with the wood boat business.

Becoming Cruisers Yachts

Cruisers, Inc. was sold to Mirro Aluminum Company of Manitowoc, Wisconsin in 1971. It wasn't until 1979, when Roy Thompson retired, that someone other than a Thompson ran the company.

In 1980 the fiberglass product line of Mirro Marine Division (Cruisers) was sold to T.J. Bogard (the former President of Mirro Marine Division) and T.A. Lisle (formerly of Eaton Corporation).

In the early 1990s K.C. Stock, who was born and raised in the Oconto area, saw the potential for opportunity. In 1993, Stock's KC International Inc. purchased the company and changed the name to Cruisers Yachts.

Developing Our Modern Yacht Lineup

In 2011 the Cantius series was born with the launch of the 48 Cantius. Then in 2015, Cruisers Yachts unveiled its largest yacht by introducing the 60 Cantius. That following year, they introduced the 60 FLY, 54 Cantius, and 54.  Since then, we've continued to add new models with innovation each year. The 46 Cantius launched in 2018 as well as the Mercury outboard on the 338. The 38 GLS debuted in 2019, the 42 GLS debuted in 2020, the 34 GLS in 2021, the 50 GLS in 2022, and the stunning new 55 FLY in 2024. In 2021, due to demand, Cruisers Yachts announced the expansion of their production capacity by purchasing a 216,000-square-foot, purpose-built boat manufacturing plant in Pulaski, WI. Such expansion allows Cruisers to more than double its capacity over time. In the same year, MarineMax’s acquisition of Cruisers Yachts ensures it will always have a premium, American-built yacht in its product portfolio.

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Customer Testimonials

At Cruisers Yachts, we enjoy seeing all our customers experience the boating lifestyle aboard one of our models. Check out what our customers are saying about their Cruisers Yachts boat.

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Explore more about the upcoming launch of the all-new groundbreaking FLY series, a brand-new evolution of our popular Cruisers Cantius series.

OUR CORE BELIEFS

No other boatbuilder in the world can match the innovation, seaworthiness, and luxury seen on a Cruisers yacht. Our lineup, which includes models from 34 to 60 feet, has everything a boater could wish for, be it the unmatched comfort and seaworthiness of the Cantius Series, the sizzle and excitement of our GLS Series, or the sleekness and innovation of the FLY series. Cruisers Yachts does it all.

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MARINEMAX ACQUIRES CRUISERS YACHTS

• May 3, 2021

CLEARWATER, FL– MarineMax recently announced the acquisition of American boatbuilder KCS International, Inc., better known as Cruisers Yachts , headquartered in Oconto, Wisconsin.

Brett McGill, CEO and President of MarineMax , stated, “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. The acquisition also aligns with our long-term strategy of expanding our gross margins by adding a higher margin business. Cruisers has a seasoned, passionate, and successful team. Their industry knowledge and their recent expansion, combined with MarineMax’s resources, will enable Cruisers to accelerate its positioning in the market. We can continue to expand and grow with Cruisers’ model line-up in available markets. We are excited to have Mark Pedersen join our management team as he will continue to lead the operations of Cruisers’ more than 350 team members.”

With over 100 years of heritage, Cruisers has successfully navigated through various industry cycles and grown through innovation and product leadership. After launching the distinguished design and innovation of the Cantius yacht series in 2011, Cruisers’ growth and market share accelerated. They are recognized as one of the world’s premier manufacturers of premium yachts, producing models from 33′ to 60′ feet. Cruisers has an accomplished dealer network, including SkipperBud’s and Silver Seas Yachts, which MarineMax acquired in October 2020, plus five recently added MarineMax locations. Cruisers, due to demand, recently announced the expansion of their production capacity by purchasing a 216,000 square foot, purpose-built boat manufacturing plant in Pulaski, WI. The expansion allows Cruisers to more than double its capacity over time. MarineMax’s acquisition of Cruisers Yachts ensures it will always have a premium, American-built yacht in its product portfolio.

Mark Pedersen, President of Cruisers Yachts , stated, “We are very excited about becoming part of the MarineMax family and the great opportunities that lie ahead. Over the years, we have recognized that certain customers prefer only to buy an American built yacht, and our brand compliments MarineMax’s other offerings. The MarineMax team has a proven track record of great success in our industry. With our loyal Cruisers owners and a strong dealer network, we will all greatly benefit from being a part of MarineMax.”

Boat owners that purchase through MarineMax join an elite group, considered family. They receive access to exclusive owners’ only Getaways!® trips and events, exceptional service and parts support to stay on the water all season, and a lifetime of memories with friends and family on the boat of their dreams.

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Clearwater’s MarineMax buys Wisconsin yacht builder for $63 million

• Jay Cridlin Times staff

After posting another record-setting quarter of revenue, MarineMax is expanding.

The Clearwater yacht and boat retailer has purchased Wisconsin yacht manufacturer Cruisers Yachts for $63 million, the company announced over the weekend.

The deal includes a planned 216,000-square-foot plant in Pulaski, Wisc., a production expansion that MarineMax said in a statement “ensures it will always have a premium, American-built yacht in its product portfolio” as consumer demand remains high.

“We’re selling everything as it’s coming in, which is keeping inventory at lower levels,” MarineMax president and CEO Brett McGill said during an earnings call with investors in March. “It speaks to our ability to sell in a lean-inventory environment.”

Cruisers Yachts, also known as KCS International Inc., builds yachts sized from 33 feet to 60 feet in length, MarineMax said, and had sales of $75 million last year. MarineMax sales accounted for about half of that, the company said.

It’s the third major acquisition for MarineMax in the past year, following their purchase of superyacht services company Northrop and Johnson last summer and dealer and marina storage company SkipperBud’s last fall.

The company has the resources to keep growing. Revenue grew from $308.1 million in the first quarter of 2020 to $523.1 million for the first quarter of this year, an increase of 70 percent. Net income rose from about $5 million to nearly $39 million.

“We anticipated more than a year ago that boating would be one of the beneficiaries of a changed world,” McGill said during the March earnings call. “We continue to see that development play out.”

MarineMax stock rose more than $3 per share after trading started Monday, reaching $59.46 just before noon.

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Marine News from the Great Lakes

Marinemax acquires cruisers yachts, cruisers yachts joins the marinemax family.

Published: Monday, May 3, 2021

MarineMax recently announced the acquisition of American boatbuilder KCS International, Inc., better known as Cruisers Yacht s, headquartered in Oconto, Wisconsin.    Brett McGill, CEO and President of MarineMax, stated, "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. The acquisition also aligns with our long-term strategy of expanding our gross margins by adding a higher margin business. Cruisers has a seasoned, passionate, and successful team. Their industry knowledge and their recent expansion, combined with MarineMax's resources, will enable Cruisers to accelerate its positioning in the market. We can continue to expand and grow with Cruisers' model line-up in available markets. We are excited to have Mark Pedersen join our management team as he will continue to lead the operations of Cruisers' more than 350 team members."   With over 100 years of heritage, Cruisers has successfully navigated through various industry cycles and grown through innovation and product leadership. After launching the distinguished design and innovation of the Cantius yacht series in 2011, Cruisers' growth and market share accelerated. They are recognized as one of the world's premier manufacturers of premium yachts, producing models from 33' to 60' feet. Cruisers has an accomplished dealer network, including SkipperBud's and Silver Seas Yachts, which MarineMax acquired in October 2020, plus five recently added MarineMax locations. Cruisers, due to demand, recently announced the expansion of their production capacity by purchasing a 216,000 square foot, purpose-built boat manufacturing plant in Pulaski, WI. The expansion allows Cruisers to more than double its capacity over time. MarineMax's acquisition of Cruisers Yachts ensures it will always have a premium, American-built yacht in its product portfolio.    Mark Pedersen, President of Cruisers Yachts, stated, "We are very excited about becoming part of the MarineMax family and the great opportunities that lie ahead. Over the years, we have recognized that certain customers prefer only to buy an American built yacht, and our brand compliments MarineMax's other offerings. The MarineMax team has a proven track record of great success in our industry. With our loyal Cruisers owners and a strong dealer network, we will all greatly benefit from being a part of MarineMax."

Boat owners that purchase through MarineMax join an elite group, considered family. They receive access to exclusive owners' only Getaways!® trips and events, exceptional service and parts support to stay on the water all season, and a lifetime of memories with friends and family on the boat of their dreams.

ABOUT MARINEMAX

MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 77 retail dealership locations, including 30 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, it is also the largest super-yacht services provider, operating 27 locations across the globe. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands.  The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience. MarineMax is a New York Stock Exchange-listed company (NYSE:HZO). For more information, please visit www.marinemax.com .

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With its acquisition by MarineMax, Cruisers president says future is bright for Oconto boat builder

OCONTO – The acquisition of Cruisers Yachts by the world’s largest boat retailer has poised the company for significant growth and helped secured its future in Oconto, says long-time president Mark Pedersen.

In a presentation before the Oconto City Council on April 19, Pedersen said the sale to MarineMax about one year ago was “a very unique situation for this community,” and wanted council members to feel comfortable with what’s been accomplished by what he termed “a great marriage.”

“Never has a manufacturer married up with a supply chain,” he said. “This is something different, something new, and I think the industry is looking at it as a major plus for MarineMax and for us.”

Clearwater, Florida-based MarineMax purchased Cruisers’ parent company, KCS International, from Oconto native K.C. Stock. In the 28 years he owned the company, Cruiser’s became one of the worlds top manufacturers of premium yachts.

“K.C. purchased it for the employees and the community … he grew up here, his father was here, so my direction (in his) last two years was to find a successor that could be a custodian of the company, a fiduciary, to make sure it stays here,” Pedersen said.

Just before it bought KCS International, MarineMax also purchased much of the Marquis Yachts’ facilities in Pulaski, which was in the process of shutting down at the time. It now has 150 employees in Pulaski, and 350 in Oconto.

When looking for a buyer, Pedersen said, the company looked at venture capital groups and other manufacturers, but the former only buy businesses to flip them, while the latter could pull back from Oconto during a recession, he said.

MarineMax has more than 100 locations in 21 states, the British Virgin Islands, and in other countries, and carries 25 premium brands of yachts and superyachts.

“They bought us, because if there’s ever another downturn, what product are they going to push? They’re going to push the product that they own,” he said.

The demand for Cruisers yachts is high, Pedersen said, noting the company is building 25 to 30 of its 34 GLS boats annually, but MarineMax wants them to build 120.

Customers are buying boats that won’t be delivered for a year, he added.

“That brings a lot of security to this community and to Pulaski,” he said. “This is 100 percent where we’re trying to grow the business... this is where the engineers were hired, this is the base,” he said. “We are expanding to the two facilities only because we’re not going to be able to build enough out of this facility.”

MarineMax has strong financial position and over the last five years has become a $2 billion company, Pedersen noted, adding its management team has been in place for 20 to 46 years.  

“They bought this place for the long term, not a short-term situation,” he said. “When they bought this, it was because of our workers, and the pride they took in the product, and the management team here. And they looked at our numbers, and according to them, we’re probably one of the most successful with our labor and what we build these boats for in the world.”

Cruisers, he said, is the only builder of its category of boats left in the U.S., meaning all its competitors are foreign, including yachts made in France, Poland, Italy, and even China.

“With the world economy going the way it is, I asked them if they we’re nervous about those countries,” Pedersen said. “(They replied) ‘Why do you think we bought you guys?’ Its unlimited what they want us to do for them.”

MarineMax currently has 19% of the yacht market, and with its locations and service, they’re looking to capture more.

“If they grab it, we get the volume,” he said.

MarineMax also bumped up the prices of Cruisers product to be better related to the quality of the product it builds, he added.

“They’re going to make sure that … we’re getting recognized for the value we are,” Pedersen said. “In the past, our dealers would beat us up for price breaks and everything else, because they would say we’re not as good as this.”

Customers have even put small events on for the employees working on their boat, which can cost as much as $3 million.

“The passion and pride of the people that build Cruisers Yachts is second to none,” he said. “This town and our workers can feel good (that) they’re the reason that MarineMax bought us.”

While the company has doubled its engineering staff, it’s a lack of production employees that’s limiting growth.

“If I could snap my fingers today, we could triple the volume that we do, based on MarineMax buying us,” Pedersen said. “The money is there to be able to invest in (buildings and equipment) that will allow is to grow ... and compete worldwide.”

More: Many Oconto-area employers are struggling amidst a statewide labor shortage, but some have found ways to meet their needs

Cruisers currently has 450,000 square feet of space in Oconto and another 200,000 square feet in Pulaski.

The company plans to introduce a 50-foot GLS and a 63-foot Cantius, which would be three feet longer that the current offering in that series.

“The opportunity for this community is to grow this thing back up …. today we’re at 350, we could easily grow it up to 700 employees, if I could find them today,” Pedersen said.

He noted the company recently had its fourth-generation boat builder start work in Oconto, is also “investing a ton of money back into training” new employees.

“There’s not a lot of craftspeople out there, but we’re training them,” he said.  

Oconto's location between Green Bay and Marinette/Menominee might not make commuting feasible, but Pedersen said that more people could be drawn to move there by marketing it as a great place to raise a family and touting Great Lakes water access, year-round recreation, a good school system, strong growing manufacturing base, and secure job growth.

“(There) may be families that want to get out of there and move to a quieter area,” he said. “We are getting people (who are) saying we treat them more like a family.”

Pederson — who’s been with the company for 30 years, the last 15 as president — said that he believes Stock himself would agree the company is in better shape today because of MarineMax's distribution network.

“It’s my responsibility, when I retire someday, to say this place survives another 70 years.. that’s my job,” he said. “We’ve hit a home run plus on Marine Max buying us.”

FOR MORE OCONTO COUNTY NEWS: Check out our website!

Contact Kent Tempus at (920) 431-8226 or [email protected] . 

CRUISERS YACHTS

Expands their global reach with three new dealers.

• Manufacturing , Shipping, Port & Marine
• August 29, 2023

Dan Zenz, Vice President of Sales, comments, “We are very excited to partner with these dealers to help expand our global footprint. Our expansion to global markets these past years is a true testament to our brand and its reach. Together we look forward to providing excellent sales and service while growing the Cruisers Yachts brand in these markets.”

Martin Motor Sports is headquartered in central Alberta, its parent company Martin Deerline has been around for more than 50 years, and Martin Motor Sports has been around for almost 20 years. They strive to be their customer’s one-stop marine and recreation shop by providing 24-hour parts and service access, with highly trained and certified staff and well-vetted products.

“Cruisers Yachts product lineup is a great fit for our business and clientele,” said Kevin Isabey, CEO of Martin Motor Sports. “Cruisers’ rich boat building history combined with their innovative and quality yacht design has overtaken the current 30-60 ft market. We are very excited to share this with our customers and see what this partnership holds in the future.”

Narval Marine possesses an in-depth understanding of the maritime industry in Panama. This extensive knowledge uniquely positions them to effectively promote and support Cruisers Yachts brand awareness. As the country’s most prominent and sole full-service dealer, they offer customers a one-stop shop for all their yachting needs. From yacht selection and purchase to maintenance and after-sales service, our comprehensive approach ensures a seamless and hassle-free experience. They are committed to delivering exceptional service.

Yucatan Seas was formed from 20 years of knowledge and expertise in the marine industry. Their staff is friendly and knowledgeable. They have several departments, such as mechanics, parts, service, fiberglass, audio, electricians, and engineers, ready to provide their customers with everything they need. Yucatan Seas understands that a valuable investment requires care, so they offer boat management services so the owner can enjoy their boat.

For more information on Cruisers Yachts dealer network visit cruisersyachts.com .

ABOUT CRUISERS YACHTS

Founded in 1953 and currently celebrating 70 years in the industry. Cruisers Yachts is headquartered in Oconto, WI, and is known as the world’s premier American builder of sport and luxury motor yachts from 33 to 60 feet. Cruisers Yachts’ parent company MarineMax Inc. (NYSE: HZO), is the world’s largest recreational boat and yacht retailer. For additional information on Cruisers Yachts, please visit cruisersyachts.com .

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