Pending regulatory approval, the world’s largest recreational boat and yacht retailer will own one of the world’s largest marina networks. MarineMax is acquiring IGY Marinas, a move that augments MarineMax’s other superyacht holdings.
MarineMax is the world’s largest recreational boat and yacht retailer. While it long focused on production boats, gradually, it’s been acquiring superyacht-specific companies. Last year, for instance, MarineMax bought Northrop & Johnson. In 2019, it acquired Fraser Yachts. Each company continues operating under its own branding. IGY Marinas, meanwhile, has a network of two dozen marinas in the United States, Latin America, the Caribbean, and Europe. Additionally, it recently established IGY Trident for superyacht owners. The program provides members with benefits ranging from competitive bunkering rates to personalized concierge services. Moreover, IGY Marinas properties participate in high-profile events like Art Basel Miami and the Cannes Yachting Festival.
While MarineMax is acquiring IGY Marinas, it’s not replacing the management team. Therefore Tom Mukamal remains as CEO. “MarineMax brings significant resources, synergies, and competitive advantages to our business,” Mukamal says. He points to IGY’s variety of destinations and its own acquisition track record, too, as complementary resources. “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.”
W. Brett McGill, MarineMax’s CEO and president, says that MarineMax is acquiring IGY Marinas to continue to diversify, especially geographically in coveted regions like the Med and Caribbean. He cites the existing management team’s success in growing its network and services to the point of becoming “sought after by yacht owners, as well as public and private marina owners worldwide.”
Furthermore, McGill notes, the move “significantly strengthens our ability to provide the best customer experience to yacht owners around the world.” Specifically, where Fraser Yachts and Northrop & Johnson are concerned, IGY Marinas offers those “current and superyacht customers the opportunity to enhance their yachting experience by providing them access to the world’s only superyacht marina network.”
With regulatory approval, the acquisition should close in early 2023.
IGY Marinas igymarinas.com
MarineMax marinemax.com
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