MarineMax Significantly Expands Global Marina Business with Closure of IGY Marinas
CLEARWATER, Florida–(BUSINESS WIRE)–MarineMax, Inc. (NYSE: HZO), the world’s largest leisure boat and yacht retailer, today announced that it has significantly expanded its global marina business with the completion of the acquisition previously announced from Island Global Yachting LLC (“IGY Marinas”), effective October 1, 2022.
IGY Marinas owns and operates a collection of iconic marina assets in the world’s leading yachting destinations. It is distinguished by a synergistic network of luxury marinas strategically located in the world’s most coveted yachting and sport fishing destinations. IGY Marinas offers a global network of 23 irreplaceable marinas in the Americas, the Caribbean and Europe, providing year-round customer touchpoints for a wide variety of luxury yachts, while being ports of exclusive tethers 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. IGY Marinas strategically expands MarineMax’s marina portfolio and creates cross-selling opportunities with its Fraser Yachts and Northrop & Johnson superyacht service businesses.
“We are delighted to have completed the acquisition of IGY Marinas, which is in line with our strategic plan to grow our high-margin business, expand our product offerings and increase our geographic reach,” said W. Brett McGill, CEO and President. by Marine Max. “We welcome Tom Mukamal, CEO of IGY Marinas, and the IGY Marinas management team, who will continue to lead the growth and operations of the IGY business.”
MarineMax plans to provide additional financial information when the company releases its fiscal 2022 results.
For more information on the acquisition of IGY Marinas, please view the presentation in the Investor Relations section of our website here: MarineMax Acquisition of IGY Marinas
MarineMax is the largest pleasure boat and yacht retailer in the world. MarineMax has over 100 locations worldwide, including 78 retail outlets, some of which include marinas. Collectively, with the acquisition of IGY, MarineMax owns or operates 57 marinas worldwide. Through Fraser Yachts and Northrop & 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 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 owns Boatyard, an industry-leading customer experience digital products company. MarineMax is a listed company on the New York Stock Exchange (NYSE: HZO). For more information, visit www.marinemax.com.
Certain statements in this press release may be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the acquisition creating cross-selling opportunities, the acquisition being consistent with MarineMax’s strategic plan to developing its high margin business, expanding its product offerings and increasing its geographic reach, as well as managing and post-closing growth of the IGY business. 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’s business, Company’s employees, Company’s manufacturing partners and the overall economy, general economic conditions, as well as those in 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.