- MarineMax ( NYSE: HZO ) entered into a definitive agreement to acquire Island Global Yachting (IGY), 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 $480M in cash, with an additional potential earnout of up to $100M, two years after closing which is expected in 1H23.
- IGY Marinas, through recent acquisitions and organic growth, is projected to generate $100M+ of revenue in CY22.
- Acquisition is said to be accretive within the first twelve months of closure.
- The transaction will be financed through MarineMax’s recently completed expansion of its credit facilities and cash on hand.
For further details see:
MarineMax to acquire IGY Marinas for $480M in cash