Sunday, August 14th, 2022
MarineMax Acquires More Superyacht Service Assets
They already own the superyacht brokerage houses; Fraser Yachts and Northrop and Johnson, and now MarineMax the world’s largest recreational boat and yacht retailer is set to swallow up IGY Marinas
Based in Clearwater Florida, the company has announced that it has entered into a definitive agreement to acquire Island Global Yachting LLC (“IGY Marinas”), which owns and operates marinas.
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 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 branding that is well recognised. Tom Mukamal, CEO of IGY Marinas, and the existing management team will continue to lead operations.
IGY Marinas run a network of 23 marinas in the Americas, the Caribbean, and Europe, delivering year-round customer service. It caters to a wide variety of luxury yachts, while also being exclusive home ports for some of the world’s largest superyachts.
The network of marinas is further bolstered by its 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.
MarineMax, a New York Stock Exchange-listed company, expects the transaction to close in the first half of fiscal 2023, subject to the satisfaction of customary closing conditions. The transaction will be financed through the company’s recently completed expansion of its credit facilities and cash on hand.
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.
The company 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.