MarineMax, the largest stocking yacht dealer in the world, has announced that it will acquire Island Global Yachting LLC – the parent group of IGY Marinas – for an impressive $480 million US dollars.
IGY Marinas is renowned in the industry for its luxury amenities in some of the most popular yachting destinations. Its global network includes marinas in the Americas, the Caribbean and Europe. IGY Marinas plays hosts to several events that include the Cannes Yachting Festival, Cannes Lions International Festival of Creativity, Superyacht Miami, and Art Basel. The network also has an exclusive superyacht membership and yacht management platform. It is forecasted to generate over $100 million dollars in revenue in 2022.
IGY Marinas is forecasted to generate over $100 million dollars in revenue in 2022.
In a statement to the press, W. Brett McGill, Chief Executive Officer and President of MarineMax, offered his insight into the deal: “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.”
Tom Mukamal, CEO of IGY Marinas, will remain a key figure in the operations of the company. “We are excited to join the MarineMax Family and its experienced management team,” Mukamal remarked. “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.”
MarineMax brings significant resources, synergies, and competitive advantages to our business amplifying our potential for both organic and inorganic growth.
The transaction is expected to close in the first half of 2023, subject to closing conditions. “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 the Caribbean,” added McGill.
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 the Caribbean.”
