MarineMax entered into an agreement to acquire Fraser Yachts Group from the Italy-based Azimut Benetti Group.
The transaction is expected to be accretive in its first full year.
Additionally, MarineMax strengthened its relationship with the Azimut Benetti Group by expanding with Benetti Yachts, through a multiyear dealership agreement, to become its exclusive dealer for the Benetti Class of yachts in North America.
Fraser, founded in 1947, is based in Monaco and operates through 20 offices around the world with more than 160 team members.
Fraser offers yacht brokerage, yacht chartering, yacht management, crew placement and new build consultation.
Its presence in Monaco and Fort Lauderdale, Fla., provides the organization with a base from which to operate and provide its services worldwide, according to MarineMax.
The entire Fraser team is remaining in place and will continue to operate and manage activities. Additionally, directors Paolo Vitelli and Roberto Giorgi will remain with Fraser in an advisory capacity.
Azimut, founded in 1969 by Paolo Vitelli, acquired Benetti in 1985. MarineMax has represented the Azimut brand in the United States since 2006.
"The acquisition of Fraser is significant for MarineMax as it dramatically increases our presence and strength in the strategically important superyacht category,” said MarineMax president and CEO Brett McGill in a statement. “Second, it expands our international capabilities and footprint, unlocking other potential future opportunities. We are happy that Paolo and Roberto will remain with Fraser as their years of experience are invaluable.
“We are also very excited to add the Benetti Class of yachts to our luxury motoryacht offering,” McGill added. “The history and product of Benetti separates the brand from other yachts and will allow for a great migration for many of our customers who are seeking larger and more luxurious yachts.”
Paolo Vitelli, CEO and chairman of the Azimut/Benetti Group, stated, “MarineMax has been a valued partner of the group. MarineMax’s unrivaled success through many years makes it the best possible owner of Fraser for the future. Strategically, becoming independent from the group will favor the development of the commercial relationship of Fraser around the world.”
The acquisition is subject to the customary completion of certain legal requirements in Europe and is expected to be completed in stages over the next few weeks.
MarineMax will provide an update to its fiscal 2019 guidance in its June quarter 2019 earnings release.