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LONDON, UK / ACCESSWIRE / January 13, 2017 / Active Wall St. blog coverage looks at the headline from MarineMax, Inc. (NYSE: HZO) as the Company announced on January 12, 2017, that it has completed the acquisition of all of the assets of Hall Marine Group and hence executed its expansion in the Southeast. The acquired company generated approximately $50 million in revenue for FY16. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.

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About the Companies

MarineMax, headquartered in Clearwater, Florida is US' largest recreational boat and yacht retailer. The firm has been in the boating industry for more than 40 years and operates across 55 locations in 18 states and the British Virgin Islands. The net income for the firm stood at $22.582 million for the fiscal year ending September 30, 2016.

Hall Marine is one of the largest privately-owned boat dealers in the Southeast. The Company operates through six locations and covers several markets across Southeast. The firm is headquartered in Chesapeake, VA (US) and generated annual revenues of approximately $50 million for the FY016.

The Expansion Drive

MarineMax announced on April 18, 2016, that it has completed the acquisition of substantially all the assets of Russo Marine. The net revenue for Russo Marine for FY15 stood at more than $35 million. Russo is the largest privately owned boat dealer in the northeast. It operates across three locations where it serves Massachusetts and Rhode Island coastal markets.

Prior to this acquisition and expansion in the Northeast, MarineMax announced the acquisition of Bahia Mar Marina, in Pensacola on February 02, 2016. The acquisition marked the Company's footsteps in Florida Panhandle and brought a growing and vibrant market under MarineMax's flagship. Bahia Mar Marina is one of the longest running marinas in Pensacola. It offers complete marina services and includes sales and services among its diversified offerings.

MarineMax Growth Strategy

MarineMax hit new lows during the recession with net diluted earnings per share dropping to $0.21 for the fiscal year 2013 and 2014 ending on September 30. However, the firm has been net revenues dropped further to $22.582 million from $48.292 million for the FY16 and FY15 ending September 30, respectively.

The firm executed three new deals in an attempt to fuel growth and maximize returns on the investments made. MarineMax announced on June 14, 2016, that it has scaled inorganic growth as its primary motive and expanded its financing facility by increasing its borrowing limit from $260 million to $300 million. This event paved the way for certain investments and the acquisition of Hall Marine Group is viewed as the end-product of the increase in financing capacity.

MarineMax views this acquisition as a definitive portfolio expansion in the Carolina and Georgia markets. The combined venture would be able to serve the boaters that migrate along the Atlantic seaboard and within the Southeast market. Hall Marine finds MarineMax's business highly complementary to its growth prospects. The collaboration with MarineMax, according to Rick Hall (Co-Principal, Hall Group) will impact the boating industry positively for the Southeast and Mid-Atlantic regions.

Stock Performance

At the close of trading session on January 12, 2017, MarineMax's stock price declined 1.06% to end the day at $18.60. A total volume of 296.12 thousand shares were exchanged during the session, which was above the 3-month average volume of 293.28 thousand shares. The Company's share price has gained 16.61% in the past twelve months. The stock currently has a market cap of $499.22 million. Shares of the company have a PE ratio of 20.44.

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SOURCE: Active Wall Street