CLEARWATER, FL-Locally based MarineMax Inc., which calls itself the nation's largest recreational boat and yacht retailer, has contracted to buy most of the assets, including substantial real estate holdings, from Osage Beach, MO-based Port Arrowhead Marina Inc. for $27.5 million in cash and the assumption of undisclosed debt.
The real estate properties include a 300-slip marina and two retail stores owned by Port Arrowhead Marina Inc. and its sister companies, Lake Port Marina Inc. and Port Arrowhead Inc. that make up the Port Arrowhead Group. Port Arrowhead operates in Missouri and Oklahoma from where the company serves neighboring Midwest boating destinations in Illinois, Kansas and Arkansas, according to a prepared state from William H. McGill Jr., chairman, CEO and president of Marine Max.
"Port Arrowhead's culture and customer centric strategies are aligned with ours and its team's commitment to service is well recognized throughout the industry," McGill says. Port Arrowhead posted revenue of $70 million in its last fiscal year.
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