Online marketplace Off The Hook Yachts announced its acquisition of Apex Marine Group, a South Florida service, storage and sales business. The transaction includes four facilities, a full-service team, and infrastructure capable of transforming Off The Hook’s operational efficiency, refurbishment capacity and global sales reach, a company statement said.
“The integration of these capabilities is expected to generate millions of dollars in annual cost savings by eliminating third-party service dependencies, reducing transportation expenses, accelerating turnaround times and enabling higher-quality refurbishments,” Off the Hook CEO Brian John said in the statement. “This centralized approach enables Off The Hook to process more boats faster, standardize refurbishment quality, reduce cycle times from acquisition to resale, and scale inventory without proportional increases in overhead.”
The transaction includes representation of such brands as Pursuit, Solace and Fountain. The company believes the Apex acquisition will lead to additional partnerships as Off The Hook expands its sales and service platforms.
The acquisition is expected to close in 60 days pending customary due diligence.
