MarineMax closes US$480m IGY Marinas deal
US boat dealer group MarineMax has completed its acquisition of the IGY Marinas, in a deal set to significantly expand its existing marina and services business.
The deal was first announced earlier this year, and completion was confirmed in a statement published on Tuesday (4 October 2022).
MarineMax has confirmed it is paying US$480 million in cash for the global marina group IGY Marinas, 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 owns and operates a network of 23 marinas in key yachting destinations worldwide. The network of marinas is further bolstered by its Trident superyacht membership programme, expansive service offerings and full-service yacht management platform.
MarineMax says the acquisition of IGY Marinas “strategically expands” MarineMax’s portfolio of marinas and “creates cross-sell opportunities with its Fraser Yachts and Northrop & Johnson superyacht services businesses.”
“We are excited to have completed the acquisition of IGY Marinas, which is consistent with our strategic plan to grow our high-margin businesses, expand our product offerings, and increase our geographic reach,” says W. Brett McGill, chief executive officer and president of MarineMax. “We extend a warm welcome to Tom Mukamal, CEO of IGY Marinas, and the IGY Marinas management team, who will continue to lead the growth and operations of the IGY business.”
MarineMax expects to provide additional financial information when the company reports its fiscal 2022 results.
MarineMax recently reported record financial results for its third quarter, with a jump in both earnings and revenue.
