MarineMax, Inc. recently initiated the proceedings to acquire Island Global Yachting LLC. The acquisition is expected to close during the first half of fiscal 2023, a press release reported.
“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, CEO 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.”
Under the terms of the definitive agreement, MarineMax will acquire the company for $480 million in cash, and may leave an earnour of approximately $100 million two years after closing. The company has appointed CEO of IGY Marinas, Tom Mukamal, to lead its general operations and growth strategies alongside the IGY Marinas existing management team.
“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,” McGill said. “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.”
Based in significant yachting markets across the globe, IGY Marinas estimates its revenue sum to amount to more than $100 million this year. The company’s global network spans 23 curated marinas across the Americas, the Caribbean and Europe.
“IGY Marinas caters to a wide variety of luxury yachts, while also being exclusive home ports for some of the world’s largest megayachts,” a recent press release explains. “The network of marinas is further bolstered by its exclusive Trident superyacht membership program, expansive service offerings and comprehensive yacht management platform.”
The venue also hosts popular industry events such as the Cannes Yachting Festival, Cannes Lions International Festival of Creativity, Superyacht Miami and Art Basel.
“We are excited to join the MarineMax Family and its experienced management team,” CEO of IGY Marinas, Tom Mukamal, said. “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.”