IGY Marinas to be sold
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Island Global Yachting LLC, known as IGY Marinas, is being acquired by MarineMax, Inc., the world’s largest recreational boat and yacht retailer.
IGY Marinas owns and operates a collection of 23 iconic marina assets and a yacht management platform in key global yachting destinations, including St. Lucia, St. Maarten, St. Thomas, and Turks and Caicos in the Caribbean.
MarineMax will acquire IGY Marinas for US $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. The deal is expected to close in the first half of fiscal 2023.
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.
“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,” said W. Brett McGill, Chief Executive Officer and President of MarineMax.