MarineMax Inc. yesterday announced that it will acquire Island Global Yachting LLC for $480 million. IGY owns and operates a collection of marina assets and a yacht management platform in key global yachting destinations.
The transaction, scheduled to close in the first half of MarineMax’s fiscal year 2023, will add to earnings within the first 12 months, the Clearwater, Fla.-based company said in a statement. The company said IGY will provide an additional earnout of up to $100 million two years after closing, subject to the achievement of defined performance metrics.
MarineMax CEO and president W. Brett McGill called the transaction “transformative for MarineMax,” offering customers of MarineMax’s Fraser Yachts and Northrop & Johnson brands with an in-house marina network in attractive locales.
“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,” McGill said in the statement. “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.”
MarineMax said the acquired company will maintain the IGY Marinas branding, as well as the company’s current management.
“We are excited to join the MarineMax Family and its experienced management team,” said IGY Marinas CEO Tom Mukamal in the statement. “MarineMax brings significant resources, synergies, and competitive advantages to our business, amplifying our potential for both organic and inorganic growth.”
