MarineMax will acquire IGY Marinas for US$480 million in cash, with an additional potential payout of up to $100 million two years after closing, subject to the achievement of defined performance metrics. IGY is projected to generate over $100 million in revenue in 2022.
The deal is expected to close in the first half of 2023 and Tom Mukamal, CEO of IGY Marinas, and the existing IGY management team will continue to lead the growth and operations of the business.
“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, CEO 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 Caribbean.”
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.”