Recreational boats and yachts retailer MarineMax Inc HZO said its wholly owned subsidiary, Fraser Yachts, has entered into a definitive agreement to acquire a controlling interest in Atalanta Golden Yachts, a charter management agency based in Athens, Greece. The financial details of the deal were not disclosed.
Since 2006, Atalanta Golden Yachts has managed luxury charters for clients in Greece and many other destinations worldwide, including France, Italy, Croatia, Turkey, the Red Sea, and the Caribbean.
John Dragnis, the principal shareholder of Atalanta Golden Yachts, will maintain a significant stake and remain involved in the growth and development of Fraser's operations in Greece.
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The acquisition is expected to close in the quarter ending December 31, 2023, and be accretive in its first full year of operations.
"The addition of Atalanta Golden Yachts complements our leading superyacht brokerage and luxury yacht offerings and is a testament to our continued expansion into higher-margin businesses with global reach," said CEO Brett McGill.
MArineMax held $226.1 million in cash and equivalents as of June 30, 2023.
Price Action: HZO shares are trading higher by 0.76% at $31.75 on the last check Monday.
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