Finance fishing boats

MarineMax to Acquire IGY Marinas, Significantly Expanding its Global Services and Marina Business

Content of the article

~The Largest Network of Luxury Superyacht Marinas with Iconic Locations Worldwide~

~More than double MarineMax’s recurring marina revenue~

~Increases Global Superyacht Services Capabilities~

~Improved margins further reduce business cyclicality~

~Projected to be accretive in the first full year~

CLEARWATER, Fla. – MarineMax, Inc. (NYSE: HZO), the world’s largest pleasure 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 the world’s leading yachting destinations. MarineMax will acquire IGY Marinas for $480 million in cash, with an additional potential earn-out of up to $100 million two years after closing, subject to the achievement of defined performance indicators. IGY Marinas, through recent acquisitions and organic growth, is expected to generate more than $100 million in revenue in calendar year 2022. Subject to the satisfaction of customary closing conditions, MarineMax expects that the acquisition is completed during the first half of fiscal year 2023 and is accretive within the first twelve months of closing. IGY Marinas will maintain its luxury brand image which is well recognized as best in class in the global marina and superyacht communities. Tom Mukamal, CEO of IGY Marinas, and the existing IGY Marinas management team will continue to lead the growth and operations of the business.

Content of the article

IGY Marinas is distinguished by a synergistic network of luxury marinas strategically located in the world’s most coveted yachting and sport fishing destinations. IGY Marinas has pioneered the highest standards of service and quality in nautical tourism around the world. It offers a global network of 23 organized marinas in the Americas, the Caribbean and Europe, providing year-round customer touchpoints. IGY Marinas host a wide variety of luxury yachts, as well as being exclusive home ports for some of the world’s largest megayachts. The marina network is further enhanced by its exclusive Trident superyacht membership program, extensive service offerings and comprehensive yacht management platform. Additionally, IGY Marinas hosts 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 enable it to provide vertically integrated services to superyacht customers when traveling to popular destinations.

“We are delighted to announce our acquisition of IGY Marinas, a transformative transaction for MarineMax, which significantly enhances our ability to provide the best customer experience to yacht owners around the world,” said W. Brett McGill, Managing Director and President of MarineMax. . “The addition of IGY Marinas positions MarineMax as the preeminent leader in the superyacht industry – the only company capable of delivering an integrated experience combining high-value superyacht berthing and marina services in prime locations. with exclusive superyacht service offerings. Additionally, this investment continues to diversify our business mix with not only higher margins, but also a broader geographic footprint, particularly in the highly desirable Mediterranean and Caribbean destinations.

Mr. McGill continued: “We are very pleased to grow strategically with IGY Marinas and have immense respect for their exceptional management team for building a high quality real estate portfolio of luxury marinas with extraordinary growth potential. . IGY has seen significant recent growth as its brand has become sought after by yacht owners, as well as public and private marina owners around the world. This investment aligns with our ongoing strategic acquisition plan, including our superyacht business, to selectively expand our service offerings with high-growth, high-margin business acquisitions. Additionally, we are confident that IGY Marinas will offer our current and future Fraser Yachts and Northrop & Johnson superyacht customers the opportunity to enhance their boating experiences by giving them access to the only network of superyacht marinas in the world.

Content of the article

“We are delighted 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 organic and inorganic growth. With IGY’s irreplaceable destination portfolio, proven track record of successful acquisitions and a strong pipeline, we are confident in our collective ability to strengthen and grow our position as the world’s leading luxury superyacht and marina destination and related services.

As noted 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 funded by MarineMax’s recently completed expansion of its credit and liquidity facilities.

Raymond James represented MarineMax, while Moelis & Company LLC represented IGY Marinas.

About Marine Max

MarineMax is the largest pleasure boat and yacht retailer in the world. MarineMax has over 100 locations worldwide, including 79 retail outlets, including 34 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, the company is also the largest provider of superyacht services, operating locations around the world. Cruisers Yachts, a MarineMax company, manufactures boats and yachts with sales through our selected retail outlets and through independent dealers. Intrepid Powerboats, a MarineMax company, manufactures powerboats and sells them 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 listed company on the New York Stock Exchange (NYSE: HZO). For more information, please visit www.marinemax.com.

Forward-looking statement

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the accretive acquisition, the transformative acquisition for MarineMax and enhancing its ability to provide superyacht services and making MarineMax the preeminent leader in the industry and related schedule, and post-closing management of IGY. These statements are based on current expectations, forecasts, risks, uncertainties and assumptions that could cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the Company’s ability to reduce inventory, manage expenses and achieve its objectives and strategies, the quality of new product offerings from the Company’s manufacturing partners, the impacts (direct and indirect effects) of COVID-19 on the company, the Company’s employees, the Company’s manufacturing partners and the overall economy, general economic conditions, as well as those of 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.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220809005410/en/

logo

contacts

Michael H. McLamb
Financial director
727-531-1700
Media:
Heimensen Abbey
MarineMax, Inc.

Investors:
Brad Cohen or Dawn Frankfurt
ICR, LLC
[email protected]

#distro