MarineMax announced that it formed a new entity, New Wave Innovations. The business will invest in and grow technology-related products and services.
MarineMax’s Boatyard unit and Boatzon will be part of New Wave Innovations. Additionally, MarineMax said it has entered into an agreement to acquire the remaining 75% of Boatzon, in which it made an initial 25% percent investment last December.
Boatzon will operate independently and will be managed by co-founders Bryan Lenett and Michael Muchnick. The closing is expected in MarineMax’s fiscal second quarter, ending March 31, 2023.
“Aligning our passion for boating with entrepreneurship and technology growth opportunities will advance our company’s strategic growth,” Shawn Berg, executive vice president and chief digital officer of MarineMax and president of New Wave Innovations, said in a statement. “The formation of New Wave Innovations is an incredible opportunity for MarineMax to partner with entrepreneurial technology companies seeking the resources and expertise to accelerate the growth of their businesses.”
Added MarineMax CEO and president W. Brett McGill: “Innovation and technology have been at the forefront of our strategy to build an integrated company that is a leader in marine products, services and experiences. We are excited about our ability to selectively invest in and grow businesses such as Boatyard and Boatzon.”
