Subsequent Events

12 Months Ended

Sep. 30, 2021

21.	Subsequent events

Management evaluated events occurring subsequent to September 30, 2021 through December 17, 2021, the date these consolidated financial statements were available for issuance and other than as noted below determined that no material recognizable subsequent events occurred.

On October 1, 2021, the Company completed the acquisition of Naples Boat Mart pursuant to the terms of the purchase agreement. The aggregate consideration is subject to customary post-closing adjustments and is not individually significant.

On October 29, 2021, the Company entered into the Fourth Amendment to Inventory Financing Facility, to, among other things, increase the amount of Permitted Indebtedness to $360 million and to extend the term of the Inventory Financing Facility to December 1, 2021. The maximum borrowing amount available and interest rates remained unchanged.

On November 30, 2021, the Company completed the acquisition of T-H Marine pursuant to the terms of the Purchase Agreement. The aggregate consideration for the purchase included approximately $179.7 million in cash consideration and 133,531 shares of Class A common stock of the Company, with a value of approximately $6.4 million. The aggregate consideration is subject to customary post-closing adjustments.

On November 30, 2021, the Company entered into an Incremental Amendment No. 2 (the “Second Amendment”) to the Credit Facility. The Second Amendment amends the Credit Facility to, among other things, provide for an incremental term loan (the “Incremental Term Loan) in an aggregate principal amount equal to $200.0 million, which will be added to, and constitute part of, the existing $110.0 million term loan and will be on the same terms. Additionally, the Second Amendment further provides a $20.0 million increase in the revolving commitment, which will be added to, and constitute part of, the existing $30.0 revolving commitment. The proceeds of the Incremental Term Loan will be used to finance the T-H Acquisition.

On December 1, 2021, the Company completed the acquisition of Norfolk Marine, Inc. pursuant to the terms of the purchase agreement. The aggregate consideration is subject to customary post-closing adjustments and is not individually significant.

On December 1, 2021, the Company entered into the Fifth Amendment to Inventory Financing Facility to, among other things, increase the amount of Permitted Indebtedness to $380 million and to extend the term of the Inventory Financing Facility to January 1, 2022. The maximum borrowing amount available and interest rates remained unchanged.

On December 15, 2021, the Company entered into a definitive agreement to acquire a majority interest in Quality Boats, which will add four locations in Florida. The transaction is expected to close in the next 90 days.