Photo Credit: MarineMaxMarineMax, Inc. makes another splash in the boat and yacht retail industry as the company announces its agreement to acquire Island Global Yachting LLC, adding to its 49 acquisitions since its inception. The $480 million deal is expected to close in the first half of 2023. As the largest recreational boat and yacht retailer with over 100 locations worldwide, the acquisition will significantly expand the growth opportunities available to IGY LLC and will help strengthen MarineMax’s high-margin business. Now available in 12 countries, IGY LLC continues to strengthen its reach in recent years by continually adding properties to its portfolio bringing them to a whopping 23 marinas, 4,700 berths, and 8,000 annual vessel customers across its network.
The MarineMax team is excited about this recent business development that will help expand their high-margin businesses. Brett McGill, Chief Executive Officer and President of MarineMax, explains, “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.”
Photo Credit: IGY Marinas
IGY’s CEO Tom Mukamal appears to be equally excited to join MarineMax as he explains that the merger will lead to increased resources and competitive advantages for the company. Island Global Yachting isn’t the only one benefiting from this acquisition. Considering they are on track to make over $100 million this calendar year, IGY more than doubles MarineMax’s recurring resilient marina revenue. Aside from bringing over a new customer base, IGY has strong brand recognition and a global presence that will benefit both retailers on their path to new growth. Mukamal adds, “With IGY’s irreplaceable destination portfolio, demonstrated track record of successful acquisitions, and a robust pipeline, we are confident in our ability to strengthen and build on our position as the global leader in superyacht and luxury marina destinations and related services.”
MarineMax is continuing its global expansion across more prestigious marinas like North Cove Marina at Brookfield Place and Marina Cabo San Lucas. As the demand for charters and superyachts continues to increase, it appears that MarineMax will have endless opportunities for growth.
