Clearwater’s MarineMax to acquire marina firm in blockbuster $480M deal

The all-cash deal will bring Fort Lauderdale’s IGY Marinas under the boat retailer’s expanding corporate umbrella.
Clearwater's MarineMax has reached a $480 cash deal to acquire Fort Lauderdale's IGY Marinas, the companies announced Wednesday.
Clearwater's MarineMax has reached a $480 cash deal to acquire Fort Lauderdale's IGY Marinas, the companies announced Wednesday. [ MarineMax ]
Published Aug. 10, 2022|Updated Aug. 10, 2022

In one of the largest deals in its history, Clearwater boat retail company MarineMax has agreed to acquire a Fort Lauderdale marina company for $480 million in cash.

The acquisition of IGY Marinas, which owns and operates 23 marinas around the world — including St. Petersburg’s Maximo Marina — would expand MarineMax’s global reach at a time when its revenues are higher than ever. The company in July posted quarterly revenues of $688.5 million and raised its fiscal outlook for investors.

The deal could potentially be worth another $100 million if certain performance metrics are met. The deal is expected to close in the first half of 2023.

In a statement, MarineMax CEO and president Brett McGill called the IGY Marinas deal “transformative.”

“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.”

Related: Amid recession fears, Clearwater's MarineMax posts biggest revenues ever

In recent years, MarineMax has made several acquisitions in the superyacht world, including superyacht services firms SYM and Northrop and Johnson, and builder Fraser Yachts Group. IGY’s marinas serve as venues for exclusive events in Cannes and Miami, including the Art Basel festival.

“MarineMax brings significant resources, synergies and competitive advantages to our business amplifying our potential for both organic and inorganic growth,” IGY CEO Tom Mukamal said in a statement. “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.”

To fund the deal, MarineMax on Tuesady announced more than $1.3 billion in financing commitments, including an increased $750 million floor plan line of credit — up from $500 million — and a $400 million loan specifically for the IGY Marinas acquisition. The facilities, led by M&T Bank and Wells Fargo Commercial Distribution Finance, will mature in 2027.

MarineMax stock rose more than $1 per share Tuesday afternoon and sat at $39.84 just before noon on Wednesday.