US broker MarineMax has acquired Fraser Yachts from the Italian-based Azimut/Benetti Group. The deal is designed to benefit all parties, boosting Fraser’s position in the North American market, providing MarineMax clients with larger yachts, and expanding Benetti’s dealership.
MarineMax was founded in 1998 and is America’s largest recreational boat and yacht retailer with 67 offices in the US. Meanwhile, Monaco-based Fraser has 20 offices worldwide and a team of over 160 members.
The acquisition will not only give MarineMax access to a fleet of large Fraser yachts, the company has also signed a multiyear dealership agreement to become the exclusive dealer for the Benetti Class of yachts in North America, strengthening a relationship that began between the US and Italian companies in 2006.
“The synergies between MarineMax and Azimut|Benetti Group have for a long time been very powerful and very real – we very much look forward to the next chapter in Fraser’s growth with a company we know has been built on solid relationships, and efficient and transparent business ethics,” said Fraser Yachts Chief Executive Raphael Sauleau.
MarineMax President and Chief Executive Officer Brett McGill added: “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 present larger and more luxurious options to many of our customers, who are looking for that next step.”
Fraser assures that it will be business as usual and all staff will be retained, including current directors Paolo Vitelli and Roberto Giorgi.
“It is a great deal for the management team in Monaco and the US because the culture of MarineMax is very close to ours,” Roberto Giorgi told Monaco Life. “They take care of their people and, like us, many of their staff have been with them for many, many years, especially the top management.”
The wider yachting community in Monaco has welcomed the news.
“The ownership by MarineMax comes with the added benefit of the group now being in a prime position to sell both Azimut and Benetti yachts to American buyers which will undoubtedly benefit Fraser’s US brokers,” said superyacht expert Patrick Coote. “In Monaco, Fraser is well established as a leading brand in the superyacht sector, with prominent offices on the Rascasse corner. With MarineMax’s support, their position in the market will be further strengthened.”
“Naturally for Fraser this is positive, because we can extend our footprint in North America where MarineMax has a large presence,” Roberto Giorgi explained. “For us this is very important and it could be that very soon you will see a new positioning of Fraser in the North American market.”