MarineMax buys IGY Marinas for up to $580m
MarineMax has bought Island Global Yachting (IGY Marinas), which owns 23 marinas worldwide, for $480m. Tom Mukamal, the CEO and IGY Marina’s senior management team will stay and have agreed to a two year earnout which could add $100m to the price.
“We are excited to join the MarineMax Family and its experienced management team,” said Mukamal. “MarineMax brings significant resources, synergies, and competitive advantages to our business amplifying our potential for both organic and inorganic growth.”
IGY Marinas owns 23 marinas in the Americas, Caribbean, and Europe. It also offers a Trident superyacht membership programme guaranteeing dockage to members. Its marinas host high profile events including the Cannes Yachting Festival, Cannes Lions International Festival of Creativity, Superyacht Miami, and Art Basel Miami Beach.
Earlier this year, the marina management company signed a 30-year agreement with the City of Cannes to operate and develop the Vieux Port de Cannes (pictured). The investment program was made in collaboration with French construction group Fayat.
Brett McGill, CEO and president, MarineMax said, “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.”
MarineMax will finance the acquisition through cash and debt.
“This investment aligns with our ongoing strategic acquisition plan, including our superyacht business, to selectively expand our service offerings with acquisitions of high growth, high margin businesses,” said McGill.
IGY was launched in 2005 by Island Capital Group a specialist real-estate merchant bank. Andrew Farkas, former chairman of Insignia Financial Group, founded Island Capital Group. Moelis & Company advised IGY Marinas on the sale with investment bank Raymond James acting for MarineMax.
US: Fore Points Marina, Maine; North Cove Marina at Brookland Place, New York; One Island Park, Florida; Yacht Haven Grande Miami at Island Gardens, Florida; Maximo Marina, Florida; American Yacht Harbor, St Thomas; Yacht Haven Grande USVI, St Thomas.
Caribbean: Blue Haven Marina, Turks & Caicos; American Yacht Harbor, St Thomas; Yacht Haven Grande USVI, St Thomas; Simpson Bay Marina.
South America: Red Frog Beach Island Marina, Panama; Marina Bahia Golfito, Costa Rica; Marina Santa Marta, Colombia; Marina Cabo San Lucas, Mexico.
Europe: Igy Ibiza Marina, Spain; St. Katherine Docks, England; Igy Málaga Marina, Spain; Málaga Marina, Spain; Málaga San Andres Marina, Spain; Igy Vieux Port De Cannes, France; Igy Sète Marina, France; Marina Di Porto Cervo, Italy; Igy Portisco, Italy.