A pair of boater-focused Baltimore companies are tying together for the long haul.
Cowens said the acquisition is “complementer” for Snag-A-Slip. Marinalife has a member program that provides information on marinas and itineraries for a trip, discounts and a quarterly magazine. The 18-year-old company has 60,000 active members, as well as lots of content that’s been created over time. Whether it’s building Snag-A-Slip’s blog or introducing members to the company’s boat reservation service, Cowens sees lots of potential for Marinalife to fuel sales and marketing efforts. The ways that the companies will integrate offerings are still being worked out.
Cownens and Marinalife founder Joy McPeters met when Snag-A-Slip was first getting off the ground, and were initially thinking about a partnership.
“The difference between just having a partner and moving to an acquisition is the culture, when the companies fit really well. And that’s what happened here,” Cowens said.
McPeters will now be Chief Strategy Officer at Snag-A-Slip, Cowens said all four full-time employees and a larger team of freelancers and contractors will remain onboard with the deal.
“What we’ll be able to do is provide more support,” he said, pointing to Snag-A-Slip’s growing team. Marinalife has offices in Harborview Marina off Key Highway that will also remain online. While he wouldn’t detail the sale price, Cowens said Snag-A-Slip “truly saw the value” of Marinalife’s offerings.
“There wasn’t a lot of back and forth in the transaction. We were willing to pay a premium for the brand and the talent to get the team on our team,” Cowens said.
The acquisition comes about six months after Snag-A-Slip closed a $4.8 million Series A. The City Garage–based company is looking to expand its presence in marinas around the U.S. and in the Caribbean. At the same time, he’s talked about how the boating world is still adapting to a tech-based offering.
Snag-A-Slip’s model is a marketplace that offers space for marinas to list slips available, and boaters to book an overnight stay online. The acquisition represents inroads into both sides of the market, with a way to puts its offerings directly in front of an audience of boaters, as well as build on Marinalife’s existing relationships with 9,000 marinas, Cowens said.-30-