MarineMax to Acquire IGY Marinas for $480 Million in Cash

By Heather Collier

MarineMax, the world’s largest recreational boat and yacht retailer, has announced that it has entered into a definitive agreement to acquire Island Global Yachting LLC “IGY Marinas”, which owns and operates a collection of over 23 iconic marina assets and a yacht management platform in key global yachting destinations.

MarineMax will acquire IGY Marinas for $480 million in cash, with an additional potential earnout of up to $100 million two years after closing, subject to the achievement of defined performance metrics. IGY Marinas, through recent acquisitions and organic growth, is predicted to generate over $100 million of revenue in 2022.

In a statement, MarineMax CEO and President Brett McGill called the IGY Marinas deal “transformative.”

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," says McGill. 

"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.”

In recent years, MarineMax has made several acquisitions in the superyacht world, including superyacht services firms SYM and Northrop and Johnson, and builder Fraser Yachts Group

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.”

Raymond James represented MarineMax, while Moelis & Company LLC represented IGY Marinas. The deal could potentially be worth another $100 million if certain performance metrics are met. The deal is expected to close in the first half of 2023.

"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."

Brett McGill, CEO and President, MarineMax

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"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."

Brett McGill, CEO and President, MarineMax
By Heather Collier