MarineMax has acquired Island Global Yachting LLC (IGY Marinas) for $480 million, with an additional potential earnout of up to $100 million two years after closing, subject to the achievement of defined performance metrics.
IGY Marinas will continue to run under its branding and with Tom Mukamal, CEO of IGY Marinas, and the IGY Marinas existing management team continuing to lead the growth and operations of the business. It has been forecasted that IGY Marinas will generate over $100 million of revenue in calendar 2022 for MarineMax. The acquisition is expected to close in the first half of fiscal 2023 and to be accretive within the first twelve months of closing.
“We are delighted to announce our acquisition of IGY Marinas, a transformative transaction for MarineMax, that significantly strengthens our ability to provide the best customer experience to yacht owners around the world,” said W. Brett McGill, Chief Executive Officer and President of MarineMax. “The addition of IGY Marinaspositions 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.”
Mr. McGill continued, “We are very pleased to strategically expand with IGY Marinas and have tremendous respect for their outstanding management team for building a high-quality real estate portfolio of luxury marinas with extraordinary growth potential. IGY has experienced significant recent growth, as its brand has become sought-after by yacht owners, as well as public and private marina owners worldwide.”
“This investment aligns with our ongoing strategic acquisition plan, including our superyacht business, to selectively expand our service offerings with acquisitions of high growth, high margin businesses. Furthermore, we strongly believe that IGY Marinas will offer our Fraser Yachts and Northrop & Johnson current and future superyacht customers the opportunity to enhance their yachting experiences by providing them access to the world’s only superyacht marina network.”
“We are excited to join the MarineMaxFamily and its experienced management team,” said Tom Mukamal, CEO of IGY Marinas. “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.