Maryland, US-based Snag-a-Slip has acquired Marinalife for an undisclosed amount.
Snag-A-Slip CEO Dan Cowens told Technical.ly Baltimore that the acquisition was a “complementer” for his website. Marinalife has 60,000 active members and distributes information on marinas and cruise itineraries. Snag-A-Slip provides boat reservations to its member base.
Cowens said he met Marinalife founder Joy McPeters as he launched his website. The two initially considered a partnership. McPeters will now be chief strategy officer at the combined company.
“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. “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.”
The acquisition comes about six months after Snag-A-Slip closed a US$4.8m Series A financing agreement. Snag-A-Slip plans to expand its presence in marinas around the US and in the Caribbean.