MarineMax Signs Deal to Acquire Island Global Yachting
Posted on 08/15/2022
MarineMax, Inc. is a major recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 79 retail dealership locations, which includes 34 marinas or storage operations. On August 9, 2022, MarineMax entered into a definitive agreement to acquire Island Global Yachting LLC (IGY Marinas), which owns and operates a collection of marina assets and a yacht management platform in key global yachting destinations. MarineMax will acquire IGY Marinas for US$ 480 million in cash, with an additional potential earnout of up to US$ 100 million two years after closing, subject to the achievement of defined performance metrics. IGY Marinas, through recent acquisitions and organic growth, is projected to generate over US$ 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 and to be accretive within the first twelve months of closing. IGY Marinas will maintain its luxury branding that is well recognized as best-in-class in the global marina and superyacht communities. Tom Mukamal, CEO of IGY Marinas, and the IGY Marinas existing management team will continue to lead the growth and operations of the business.
IGY Marinas distinguishes itself with a synergistic network of strategically positioned luxury marinas situated in the world’s most coveted yachting and sport fishing destinations.
Advisors
Raymond James represented MarineMax, while Moelis & Company LLC represented IGY Marinas. Law firm Cleary Gottlieb is representing Island Global Yachting LLC.
