The world’s largest recreational boat and yacht retailer MarineMax, Inc. will be acquiring Island Global Yachting LLC, which is widely known as IGY Marinas, for an estimated total nearing approximately $500 million.
This was confirmed by global public relations company Business Wire which said that MarineMax, Inc. made the announcement on Tuesday, August 9, regarding the acquisition.
According to the release, the acquisition is set to be completed within the fiscal year of 2023.
“MarineMax will acquire IGY Marinas for $480 million in cash, with an additional potential earn out 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”, Businesswire stated.
“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”, the company added.
The release also revealed that IGY Marinas will maintain its luxury branding “that is well recognized as best-in-class in the global marina and superyacht communities” with the existing chief executive officer (CEO) and management team which will remain on board to lead the operations of the business.
IGY Marinas CEO Tom Mukamal expressed that he was excited to join the MarineMax Family.
“MarineMax brings significant resources, synergies, and competitive advantages to our business, amplifying our potential for both organic and inorganic growth. With IGY’s irreplaceable destination portfolio, demonstrated track record of successful acquisitions and a robust pipeline, we are confident in our collective ability to strengthen and build on our position as the global leader in superyacht and luxury marina destinations and related services,” Mukamal stated.
Meanwhile, Chief Executive Officer and President of MarineMax W. Brett McGill said he was delighted to announce the acquisition, labelling it “a transformative transaction” for the company.
He said, “The addition of IGY Marinas positions MarineMax as the preeminent leader in the superyacht industry—the only company able to offer an integrated experience coupling high value superyacht berthing and marina services in premier locations with exclusive superyacht service offerings.”
“Moreover, this investment continues to diversify our business mix with not only higher margins, but also a larger geographic footprint, especially in highly desired destinations in the Mediterranean and the Caribbean”, McGill added.
IGY Marinas owns and operates a collection of 23 iconic marina assets and a yacht management platform in key global yachting destinations, including St. Lucia, St. Maarten, the United States Virgin Islands (St. Thomas), and Turks and Caicos in the Caribbean.