Boating giant MarineMax has acquired Global Yachting LLC, a marina and yacht management business with a global network of 23 curated marinas in the Americas, the Caribbean and Europe.
Clearwater-based MarineMax, one of the largest recreational boat and yacht retailers in the industry, paid $480 million for the New York-based company, according to a statement. Global Yachting owns and operates a collection of “iconic marina assets and a yacht management platform in key global yachting destinations,” the release adds. The deal includes additional potential earn-out of up to $100 million two years after closing, subject to the achievement of defined performance metrics. MarineMax officials expect the acquisition to close in the first half of fiscal year 2023.
IGY Marinas, through recent acquisitions and organic growth, is projected to generate more than $100 million of revenue in calendar year 2022. IGY Marinas, venues for exclusive events, such as the Cannes Yachting Festival, Cannes Lions International Festival of Creativity, Superyacht Miami and Art Basel, will maintain its luxury branding. IGY Marinas CEO Tom Mukamal and the IGY Marinas existing management team will continue to lead the growth and operations of the business.
“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,” MarineMax President and CEO W. Brett McGill says in the statement. “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.”
The transaction will be financed through MarineMax’s recently completed expansion of its credit facilities and cash on hand. MarineMax had $2.06 billion in revenue in 2021.