Island Global Yachting LLC, also known as IGY Marinas, has entered into an agreement and will be acquired by the world’s largest recreational boat and yacht retailer, MarineMax, Inc., according to a statement released Tuesday.
“We are excited to join the MarineMax family and its experienced management team,” Tom Mukamal, CEO of IGY Marinas, said in the written statement.
Mukamal and the IGY Marinas existing management team “will continue to lead the growth and operations of the business,” according to the statement posted to the MarineMax website.
“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,” Mukamal added.
MarineMax will acquire IGY Marinas for $480 million in cash, with an additional potential earnout of up to $100 million two years after closing, according to the company.
“IGY Marinas, through recent acquisitions and organic growth, is projected to generate over $100 million of revenue in calendar 2022. Subject to the satisfaction of customary closing conditions, MarineMax expects the acquisition to close in the first half of fiscal 2023,” according to the statement.
IGY Marinas has 23 marinas in the Americas, the Caribbean, and Europe, and “caters to a wide variety of luxury yachts, while also being exclusive home ports for some of the world’s largest megayachts,” according to the statement.
Two of the IGY marinas are located on 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, 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 super yacht industry — the only company able to offer an integrated experience…
