In order to complete our analysis of the US boat dealers industry - industry that seems attractive to us because it is highly segmented, highly prone to the serial acquirer model, and trading at attractive multiples due to anticipating an imminent recession (among other things) - today we analyse the main competitor of OneWater Marine, MarineMax. We have been following MarineMax for about a year since we learned about it through their acquisition of IGY Marinas (when we were already looking for ways to invest in marinas)

Today, we focus on understanding the business of MarineMax (which, although similar, is not exactly the same as OneWater Marine) and conducting a comparative analysis of the key differences between the two. Finally, we provide our opinion, strategy, and next steps (aspects to follow, opportunities, scenarios...)