Island Global Yachting LLC, also known as IGY Marinas, has reached an agreement and will be acquired by the world’s largest pleasure boat and yacht retailer, MarineMax, Inc., according to a statement on Tuesday.
“We are delighted to join the MarineMax family and its experienced management team,” said Tom Mukamal, CEO of IGY Marinas, in the written statement.
Mukamal and the existing IGY Marinas management team “will continue to lead the growth and operations of the business,” according to the statement posted on MarineMax’s website.
“MarineMax brings significant resources, synergies and competitive advantages to our business, amplifying our potential for organic and inorganic growth. With IGY’s irreplaceable destination portfolio, proven track record of successful acquisitions and a strong pipeline, we are confident in our collective ability to strengthen and grow our position as the world’s leading luxury superyacht and marina destination and related services,” Mukamal added.
MarineMax will acquire IGY Marinas for $480 million in cash, with a potential earn-out of up to $100 million two years after closing, according to the company.
“IGY Marinas, through recent acquisitions and organic growth, is expected to generate over $100 million in revenue in calendar year 2022. Subject to the satisfaction of customary closing conditions, MarineMax expects to until the acquisition closes in the first half of fiscal 2023,” according to the statement.
IGY Marinas has 23 marinas in the Americas, the Caribbean and Europe, and “catering to a wide variety of luxury yachts, while also being exclusive home ports for some of the largest megayachts in the world”, according to the press release.
Two of the IGY marinas are located in St. Thomas, Yacht Haven Grande in Charlotte Amalie and American Yacht Harbor in Red Hook.
“We are delighted to announce our acquisition of IGY Marinas, a transformative transaction for MarineMax, which significantly enhances our ability to provide the best customer experience to yacht owners around the world,” said W. Brett McGill, Managing Director and President of MarineMax. . “The addition of IGY Marinas positions MarineMax as the preeminent leader in the super yacht industry – the only company capable of delivering an integrated experience combining high-value super yacht berthing and marina services in of choice with exclusive superyacht service offerings. Additionally, this investment continues to diversify our business mix with not only higher margins, but also a wider geographic footprint, particularly in the highly desirable Mediterranean and Caribbean destinations.
