MarineMax acquired IGY Marinas for $480 million

Island Global Yachting LLC (IGY Marinas) was purchased by MarineMax for $480 million, with an additional earnout of up to $100 million possible two years after closure, pending the accomplishment of specific performance measures.

The current management team of IGY Marinas, led by CEO Tom Mukamal, will continue to oversee the company’s growth and operations. IGY Marinas will continue to operate under its current branding. According to projections, IGY Marinas will bring in more than $100 million for MarineMax in calendar year 2022. The transaction is anticipated to occur in the first quarter of fiscal 2023 and to start adding value within a year of completion.

“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 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.”

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 MarineMax Family 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.