MarineMax to acquire IGY Marinas
MarineMax, Inc., the world’s largest recreational boat and yacht retailer, has entered into a definitive agreement to acquire Island Global Yachting LLC (“IGY Marinas”), which owns and operates a collection of iconic marina assets and a yacht management platform in key global yachting destinations, according to the company's release.
MarineMax will acquire IGY Marinas for $480 million in cash, with an additional potential earnout of up to $100 million two years after closing, subject to the achievement of defined performance metrics. IGY Marinas, through recent acquisitions and organic growth, is projected to generate over $100 million of revenue in calendar 2022. Subject to the satisfaction of customary closing conditions, MarineMax expects the acquisition to close in the first half of fiscal 2023 and to be accretive within the first twelve months of closing.
IGY Marinas will maintain its luxury branding that is well recognized as best-in-class in the global marina and superyacht communities. Tom Mukamal, CEO of IGY Marinas, and the IGY Marinas existing management team will continue to lead the growth and operations of the business.
IGY Marinas distinguishes itself with a synergistic network of strategically positioned luxury marinas situated in the world’s most coveted yachting and sport fishing destinations. IGY Marinas has pioneered best-in-class standards for service and quality in nautical tourism around the world. It offers a global network of 23 curated marinas in the Americas, the Caribbean, and Europe, delivering year-round customer touchpoints. IGY Marinas caters to a wide variety of luxury yachts, while also being exclusive home ports for some of the world’s largest megayachts. The network of marinas is further bolstered by its exclusive Trident superyacht membership program, expansive service offerings, and comprehensive yacht management platform. In addition, IGY Marinas is a venue for exclusive events such as the Cannes Yachting Festival, Cannes Lions International Festival of Creativity, Superyacht Miami, and Art Basel. IGY Marinas is unique in that its scale and strategic geographic footprint enables it to provide vertically integrated services to superyacht customers as they travel to popular destinations.
MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 79 retail dealership locations, which includes 34 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, the Company also is the largest superyacht services provider, operating locations across the globe. Cruisers Yachts, a MarineMax company, manufactures boats and yachts with sales through our select retail dealership locations and through independent dealers. Intrepid Powerboats, a MarineMax company, manufactures powerboats and sells through a direct-to-consumer model. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience.
