GE Capital, Commercial Distribution Finance (CDF) announced today it has
significantly expanded its inventory financing program with MarineMax
(NYSE:HZO), the nation’s largest boat dealer, and extended its duration
through 2017. The $235 million facility will allow the company to expand
its stocking plans from leading manufacturers in the industry including
Sea Ray, Boston Whaler and Azimut Yachts.
“GE Capital really understands our business, and the opportunities and
challenges our industry is facing”, said Michael H. McLamb, executive
vice president and CFO of MarineMax. “This increased credit capacity
positions us well to capitalize on the continuing recovery of our
industry. We also appreciate how seamless the credit-approval process
was, allowing us to focus on growing our business.”
“We’ve been working with MarineMax since they were founded in 1998, and
are proud of how we’ve been able to support their strategic growth
plans, "said Bruce Van Wagoner, president of CDF’s marine group. “We
have a shared passion for the marine industry and we are thrilled to see
them realize their next phase of growth.”
About MarineMax
Headquartered in Clearwater, Florida, MarineMax is the nation’s largest
recreational boat and yacht retailer offering premium brands such as Sea
Ray, Boston Whaler, Meridian, Cabo, Hatteras, Azimut Yachts,
Grady-White, Harris FloteBote, Crest, Scout, Sailfish, Scarab Jet Boats,
Aquila, Ocean Alexander, Nautique and Malibu. MarineMax sells new and
used recreational boats and related marine products and services, and
provides yacht brokerage and charter services. MarineMax currently has
55 retail locations in Alabama, Arizona, California, Connecticut,
Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New
Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island,
Tennessee, and Texas and operates MarineMax Vacations in Tortola,
British Virgin Islands. MarineMax is a New York Stock Exchange-listed
company. For more information, please visit www.marinemax.com.
About GE Capital, Commercial Distribution Finance
GE Capital, Commercial Distribution Finance provided $34 billion in
financing for more than 30,000 dealers and more than 3,000 distributors
and manufacturers in the U.S. and Canada in 2013. Programs include
inventory and accounts receivable financing, asset-based lending,
private label financing, collateral management and related financial
products. For more information, visit http://www.gecdf.com/
or follow company news via Twitter (http://twitter.com/GEInventoryFin).
GE Capital offers businesses around the globe an array of financial
products and services. For more information, visit www.gecapital.com
or follow company news via Twitter (http://twitter.com/GECapital).
GE (NYSE:GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
Copyright Business Wire 2014