MarineMax has added IGY Marinas to its portfolio, significantly expanding its existing marina and services business.
MarineMax, the world’s largest recreational boat and yacht retailer, has confirmed it is paying US$480 million in cash for the global marina group IGY Marinas, with an additional potential earnout of up to US$100 million two years after closing, subject to the achievement of defined performance metrics.
MarineMax says it 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 is projected to generate over US$100 million of revenue in the calendar year 2022, through a combination of recent acquisitions and organic growth.
Tom Mukamal, CEO of IGY Marinas, and the existing IGY Marinas management team will continue to lead the growth and operations of the business.
Mukamal says: “We are excited to join the MarineMax Family and its experienced management team. 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.”
IGY Marinas offers a global network of 23 marinas in the Americas, the Caribbean and Europe, which cater to a wide variety of luxury yachts. IGY Marinas play host to major industry events, including the Cannes Yachting Festival, Cannes Lions International Festival of Creativity, Superyacht Miami, and Art Basel.
“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,” says W. Brett McGill, chief executive officer and president of MarineMax. “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."
MarineMax recently reported record financial results for its third quarter, with a jump in both earnings and revenue.
Credit: Marine Industry News