Wednesday, July 3rd, 2019
MarineMax Acquires Fraser Yachts Group
Usually it is Fraser Yachts that does the selling but on this occasion it is the Italian brokerage house its self that has been sold
US based MarineMax, Inc announced that it has entered into an agreement for the acquisition of the Fraser Yachts Group from the Italian-based Azimut/Benetti Group. It has not been disclosed what price was paid by MarineMax.
Fraser, was founded as a yacht brokerage in San Diego by David Fraser in 1947.
As the company grew, Fraser instilled his enthusiasm and sense of integrity into everyone he worked with. The brokerage expanded to Fort Lauderdale in the 1970s. It was sold to the directors of the Italian brokerage house Ital Yachting in 1993 who chose to keep the name and branding rather than their own. In 2008 Azimut Benetti acquired a share in the company as did the commercial ship management group; V ships. By 2017 Azimut Benetti owned the company out right. Now after two years of complete ownership the Italians have sold it and Fraser has returned to its American routes.
The company is now and will continue to be based in Monaco and operates through 20 offices around the world with over 160 team members. The Fraser management team is remaining in place and will continue to operate and manage its activities. The current directors, Paolo Vitelli and Roberto Giorgi, will remain with the company in an advisory capacity.
Trading 70 years
Fraser has been trading for over 70 years and is consistently ranked as one of the world’s most prolific superyacht company when it comes to superyacht brokerage and yacht services company.
MarineMax has done more than just acquire a successful Internationally trading brokerage company. It has strengthened its relationship with the Azimut/Benetti Group, , through a multiyear dealership agreement, granting it exclusive dealer rights for the Benetti Class of yachts in North America.
MarineMax has represented the Azimut brand in the United States since 2006, it now holds two aces. The first is the potential increase in presence and strength in the strategically important superyacht category. The second, expands the American company’s international capabilities and footprint, unlocking other potential future opportunities,”
Azimut, founded in 1969 by Paolo Vitelli, acquired Benetti in 1985.
Acquisition is significant
“The acquisition of Fraser is significant for MarineMax as it dramatically increases our presence and strength in the strategically important superyacht category. Second, it expands our international capabilities and footprint, unlocking other potential future opportunities,”
W. Brett McGill, Chief Executive Officer and President of MarineMax, Inc., said. “We are also very excited to add the Benetti Class of yachts to our luxury motoryacht offering. 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,” McGill added.
Paolo Vitelli, Chief Executive Officer and Chairman of the Azimut/Benetti Group said. “Strategically, becoming independent from the Group will favour the development of the commercial relationship of Fraser around the world.”
Not a done deal yet
The acquisition is subject to the customary completion of certain legal requirements in Europe and is currently expected to be completed in stages over the next few weeks.
MarineMax have said it will provide an update to its fiscal 2019 guidance in its June quarter 2019 earnings release.