Off The Hook Yachts, an AI-powered buyer and seller of used boats, has signed a definitive agreement to acquire the Apex Marine Group of Companies (APEX), a US-based marine service, storage and sales organisation.
The acquisition, which is subject to customary due diligence, includes four South Florida storage and service locations – in Miami, Palm Beach, Stuart and the Keys – with a haul-out capability up to 150 metric tons and vessels up to 130 feet.
In-house service teams cover almost every aspect of repair, refit, and refurbishment, with capacity to process the vast majority of Off The Hook’s acquired inventory internally.
Off The Hook is also expected to establish a centralised South Florida mega sales, service and refurbishment destination.
The integration of these capabilities is expected to generate millions of dollars in annual cost savings.
Brian John
With the new centralised campus, Off The Hook is aiming to create a destination where buyers from around the world can fly into Fort Lauderdale or Miami and access tens of millions of dollars of inventory in one location – a major step toward Off The Hook’s vision of transforming how used boats are bought and sold.
The acquisition is expected to contribute around $30 million in annual revenue to Off The Hook and save an estimated $3 million in annual cost savings, with the elimination of third-party service providers and storage fees.
In addition, the transaction will also add several brands to Off The Hook’s portfolio including Pursuit, Fountain, Solace and Nauticstar.
“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,” said Brian John, CEO of Off The Hook Yachts.
Centralised approach
“This centralised approach enables Off The Hook to process more boats faster, standardise refurbishment quality, reduce cycle times from acquisition to resale, and scale inventory without proportional increases in overhead.”
Jason Ruegg, Off The Hook Yachts founder, added: “This acquisition is fundamentally about operational dominance through infrastructure.
“Facilities like these simply cannot be replicated in South Florida. Bringing this level of service, storage, and hauling capability in-house is a complete game changer for our efficiency, margins, and ability to scale.”
Premier locations
He continued: “This acquisition simultaneously delivers premier locations, elite talent, major cost savings, and operational capabilities that are extraordinarily rare.
“APEX has built an exceptional team, and I will always be grateful to Issy Perera, the founder and principal of the Apex Marine Group of Companies, and his organisation, for working with us to make this transaction possible.”
Off The Hook YS was founded in 2012 and includes Autograph Yacht Group, Azure Funding, and proprietary lead-generation platforms.
The acquisition is expected to close in 60 days pending customary due diligence.
