~Largest Superyacht Luxury Marina Network with
Iconic Worldwide Locations~
~Will More than Double MarineMax’s Recurring
Marina Revenue~
~Increases Global Superyacht Services
Capabilities~
~Margin Enhancing Business Further Reduces
Business Cyclicality~
~Projected to be Accretive in First Full
Year~
MarineMax, Inc. (NYSE: HZO), the world’s largest recreational
boat and yacht retailer, today announced that it has entered into a
definitive agreement to acquire Island Global Yachting LLC (“IGY
Marinas”), 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. 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.
IGY Marinas distinguishes itself with a synergistic network of
strategically positioned luxury marinas situated in the world’s
most coveted yachting and sport fishing destinations. IGY Marinas
has pioneered best-in-class standards for service and quality in
nautical tourism around the world. It offers a global network of 23
curated marinas in the Americas, the Caribbean, and Europe,
delivering year-round customer touchpoints. IGY Marinas caters to a
wide variety of luxury yachts, while also being exclusive home
ports for some of the world’s largest megayachts. The network of
marinas is further bolstered by its exclusive Trident superyacht
membership program, expansive service offerings, and comprehensive
yacht management platform. In addition, IGY Marinas is a venue for
exclusive events such as the Cannes Yachting Festival, Cannes Lions
International Festival of Creativity, Superyacht Miami, and Art
Basel. IGY Marinas is unique in that its scale and strategic
geographic footprint enables it to provide vertically integrated
services to superyacht customers as they travel to popular
destinations.
“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,” said W. Brett McGill, Chief
Executive Officer and President of MarineMax. “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.”
Mr. McGill continued, “We are very pleased to strategically
expand with IGY Marinas and have tremendous respect for their
outstanding management team for building a high-quality real estate
portfolio of luxury marinas with extraordinary growth potential.
IGY has experienced significant recent growth, as its brand has
become sought-after by yacht owners, as well as public and private
marina owners worldwide. 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. Furthermore, we strongly believe
that IGY Marinas will offer our Fraser Yachts and Northrop &
Johnson current and future superyacht customers the opportunity to
enhance their yachting experiences by providing them access to the
world’s only superyacht marina network.”
“We are excited to join the MarineMax Family and its experienced
management team,” said Tom Mukamal, CEO of IGY Marinas. “MarineMax
brings significant resources, synergies, and competitive advantages
to our business amplifying our potential for both organic and
inorganic growth. With IGY’s irreplaceable destination portfolio,
demonstrated track record of successful acquisitions and a robust
pipeline, we are confident in our collective ability to strengthen
and build on our position as the global leader in superyacht and
luxury marina destinations and related services.”
As stated above, MarineMax expects the transaction to close in
the first half of fiscal 2023, subject to the satisfaction of
customary closing conditions. The transaction will be financed
through MarineMax’s recently completed expansion of its credit
facilities and cash on hand.
Raymond James represented MarineMax, while Moelis & Company
LLC represented IGY Marinas.
About MarineMax
MarineMax is the world’s largest recreational boat and yacht
retailer, selling new and used recreational boats, yachts and
related marine products and services, as well as providing yacht
brokerage and charter services. MarineMax has over 100 locations
worldwide, including 79 retail dealership locations, which includes
34 marinas or storage operations. Through Fraser Yachts and
Northrop and Johnson, the Company also is the largest superyacht
services provider, operating locations across the globe. Cruisers
Yachts, a MarineMax company, manufactures boats and yachts with
sales through our select retail dealership locations and through
independent dealers. Intrepid Powerboats, a MarineMax company,
manufactures powerboats and sells through a direct-to-consumer
model. MarineMax provides finance and insurance services through
wholly owned subsidiaries and operates MarineMax Vacations in
Tortola, British Virgin Islands. The Company also operates
Boatyard, a pioneering digital platform that enhances the boating
experience. MarineMax is a New York Stock Exchange-listed company
(NYSE: HZO). For more information, please visit
www.marinemax.com.
Forward Looking Statement
Certain statements in this press release are forward-looking as
defined in the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include the acquisition being
accretive, the acquisition being transformative to MarineMax and
strengthening its ability to provide superyacht services and making
MarineMax the preeminent leader in the industry and related timing,
and the post-closing management of IGY. These statements are based
on current expectations, forecasts, risks, uncertainties, and
assumptions that may cause actual results to differ materially from
expectations as of the date of this release. These risks,
assumptions and uncertainties include the Company’s abilities to
reduce inventory, manage expenses and accomplish its goals and
strategies, the quality of the new product offerings from the
Company’s manufacturing partners, the impacts (direct and indirect)
of COVID-19 on the Company’s business, the Company’s employees, the
Company’s manufacturing partners, and the overall economy, general
economic conditions, as well as those within our industry, the
level of consumer spending, the Company’s ability to integrate
acquisitions into existing operations, and numerous other factors
identified in the Company’s Form 10-K for the fiscal year ended
September 30, 2021 and other filings with the Securities and
Exchange Commission. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220809005410/en/
Michael H. McLamb Chief Financial Officer 727-531-1700
Media: Abbey Heimensen MarineMax, Inc.
Investors: Brad Cohen or Dawn Francfort ICR, LLC
investorrelations@marinemax.com
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