MarineMax to acquire yachting business in $480M cash deal

Clearwater-based MarineMax Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, has entered into a definitive agreement to acquire Island Global Yachting LLC (“IGY Marinas”) for $480 million in cash, with an additional potential earnout of up to $100 million two years after closing, according to MarineMax's Tuesday announcement. Island Global Yachting LLC owns and operates a collection of iconic marina assets and a yacht management platform in key global yachting destinations and is projected to generate over $100 million of revenue in this calendar year. 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 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," MarineMax CEO and President W. Brett McGill said in a statement. "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.”