Same name, new owner. Island Global Yachting (IGY) Marinas, including those in the Caribbean, will keep their IGY names. But, come the first half of 2023, the iconic marina operator will be owned by MarineMax, Inc., the world’s largest recreational boat and yacht retailer. This die was cast in August when the two global recreational yachting giants signed an agreement. The financing was not for the faint of heart, with MarineMax paying $480 million in cash, with an additional potential earnout of up to $100 million two years after the deal closes. IGY Marinas, through recent acquisitions and organic growth, is projected to generate over $100 million of revenue in calendar 2022.
“We are excited to join the MarineMax Family and its experienced management team,” said Tom Mukamal, CEO of IGY Marinas, in a press release. “MarineMax brings significant resources, synergies, and competitive advantages to our business amplifying our potential for both organic and inorganic growth.”
Likewise, “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 Brett McGill, MarineMax’s Chief Executive Officer, and President, also in a release. “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.”
IGY Marinas in the Caribbean include Blue Haven Marina, Turks & Caicos; Yacht Haven Grande St Thomas and American Yacht Harbor, St Thomas, USVI; Simpson Bay Marina and Yacht Club at Isle de Sol in St. Maarten, and Rodney Bay Marina, St. Thomas. MarineMax Vacations, a subsidiary of MarineMax, has operated a base in Tortola, BVI, since 2012. www.igymarinas.com, www.marinemax.com
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