MarineMax To Acquire IGY Marinas For $480 Million In Cash
(RTTNews) - Recreational boat and yacht retailer MarineMax, Inc. (HZO) announced Tuesday that it has entered into a definitive agreement to acquire Island Global Yachting LLC, which owns and operates a collection of iconic marina assets and a yacht management platform in key global yachting destinations.
MarineMax will acquire IGY Marinas for $480 million in cash, with an additional potential earnout of up to $100 million two years after closing, subject to the achievement of defined performance metrics.
IGY Marinas, through recent acquisitions and organic growth, is projected to generate over $100 million of revenue in calendar 2022.
Subject to the satisfaction of customary closing conditions, MarineMax expects the acquisition to close in the first half of fiscal 2023 and to be accretive within the first twelve months of closing.
The transaction will be financed through MarineMax's recently completed expansion of its credit facilities and cash on hand.
IGY Marinas will maintain its luxury branding that is well recognized as best-in-class in the global marina and superyacht communities. Tom Mukamal, CEO of IGY Marinas, and the IGY Marinas existing management team will continue to lead the growth and operations of the business.
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