MarineMax, the world’s largest recreational boat and yacht retailer, has announced that it has entered into a definitive agreement to acquire Island Global Yachting LLC (“IGY Marinas”).
MarineMax will acquire IGY Marinas for $480 million in cash, with an additional potential earnout of up to $100 million two years after closing, subject to the achievement of defined performance metrics. IGY Marinas, through recent acquisitions and organic growth, is projected to generate over $100 million of revenue in 2022. Subject to the satisfaction of customary closing conditions, MarineMax expects the acquisition to close in the first half of fiscal 2023 and to be accretive within the first twelve months of closing.
IGY Marinas is a global network of 23 curated marinas in the Americas, the Caribbean, and Europe. It is further bolstered by the exclusive Trident superyacht membership program, expansive service offerings, and comprehensive yacht management platform. IGY Marinas is also the venue for exclusive events such as the Cannes Yachting Festival.
“We are delighted to announce our acquisition of IGY Marinas, a transformative transaction for MarineMax, that significantly strengthens our ability to provide the best customer experience to yacht owners around the world,” commented W. Brett McGill, Chief Executive Officer and President of MarineMax. “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. Moreover, this investment continues to diversify our business mix with not only higher margins but also a larger geographic footprint, especially in highly desired destinations in the Mediterranean and the Caribbean.”
IGY Marinas will maintain its luxury branding that is well recognized as best-in-class in the global marina and superyacht communities. Tom Mukamal, CEO of IGY Marinas, and the IGY Marinas existing management team will continue to lead the growth and operations of the business.
Credits: IGY Marinas
The superyacht market in November showed a little fewer sales than in the previous month, in spite of numerous price reductions noted in our previous market report. This is clear evidence of a depleted inventory of high quality yachts on the market. Sales in November were slightly below the levels seen in October (42 vs 50+) with the majority of transactions taking place in the 30-40m segment. However, a number of high profile large yachts found new owners during the last month of the fall. The flagship deal was the sale of 92.4m Nobiskrug Tatoosh, asking EUR 90,000,000, having spent almost two years on the market. Without exaggeration, this yacht may be called a milestone in superyachting. At the time of her launch 14 years ago only 11 other private yachts exceeded her length. She was one of the first yachts built with an explorer mindset, able to cover 6,800nm on a single tank, and carrying a 13m sailboat as one of her tenders. A working fireplace and a galley in the owner’s suite are just a few features that made her extraordinary at the time of launch. With this sale the market saw a doubling of 80m+ transactions with six 80m+ deals this year vs three in 2021. Right now, 13 motor superyachts are listed in the 80m+ brokerage segment, topped by the recently added 115m Pelorus.Another significant sale was 57.5m Twizzle, asking EUR 39,900,000 and being on the market for 144 days. Built by the award-winning Royal Huisman shipyard and equipped with one of the most advanced sailing rig systems ever created, Twizzle offers impressive performance. She carries 1,780sqm of sails and both main and mizzen sails can be hoisted simultaneously in under two minutes.Rounding out the top three, the Oceanco 59m Helios, asking EUR 37,000,000, also found a new owner after 4 months on the market.Pick of the marketNew listings under 40m:Renewal 3, Custom Line Navetta 33, 2022, EUR 12,950,000Sonny II, Custom Line 100, 2015, EUR 6,500,000Shabby, Azimut 38 Trideck, 2021, EUR 17,000,000November’s new listings almost equaled the number of sold yachts (44). This number is far behind the number seen in October (78). The majority of new listings are 30-40m yachts built 10+ years ago. The most expensive new listings of November are the Lurssen Pelorus, 115m, 2003, (price on application), Unbridled (Trinity), 58.2m, 2009, asking USD 24,950,000, and Atlas(Codecasa) asking EUR 20,800,000. The number of price reductions and their amounts were also lower this month, with 4,200,000 USD off the asking price of Illusion Plus being the biggest move. The yacht now asks EUR 79,900,000. The 91m Dubawi reduced its price by USD 4,000,000 and is now offered for USD 28,000,000. Another major shift was for 55m Kamalaya, which went from EUR 34,500,000 to EUR 31,500,000. Pick of the marketNew listings 40m+:Pelorus, 115m, Lursen, 2003, POAUnbridled, 58.2m, Trinity Yachts, 2009, USD 24,950,000Atlas, 51m, Codecasa, 2011, EUR 20,800,000Summing up, the inventory of appealing yachts on the market continues to decrease. We expect this trend to put pressure on sales volumes for the rest of the year, even though many owners will be trying to secure deals before winter holidays and we may see further price reductions for some long-selling yachts. Based on the sales figures so far and the existing inventory it’s unlikely that the fourth quarter sales will reach last year’s level. However, we wouldn’t consider this to be the end of the superyacht sales boom (particularly in the 60m+ range) – the demand is strong enough and as soon as the inventory refills with new deliveries market activity will pick up.Sponsored by YT PartnersE. firstname.lastname@example.orgT. +44 7442 526545
December 9, 2022
Azimut Benetti Group earns the first place in the annual ranking of Global Order Book 2023 by Boat International. The Group's primacy among builders of yachts over 24 meters follows from 53 years of passion for boating. FB270, M/Y TriumphWith 168 projects under construction, totaling 5,991 meters in length, Azimut Benetti Group leads, for the 23rd time in a row, the annual ranking of the largest yacht builders known as the Global Order Book by British nautical magazine, who has been collecting and analyzing data on the superyacht market since 1992 to chronicle the scope of the sector, which has risen to global significance.Courtesy of Boat International Media LimitedThe prestigious acknowledgment asserts Azimut Benetti Group, active on 5 continents, as the world's leading manufacturer among the 189 shipyards, both in number of projects and total length. The gap between first and second place grew sharply over the past year, as the Italian company founded by Paolo Vitelli extended its order portfolio into 2027, recording a production value of more than 1.2 billion euros for the current year. FB272, M/Y LuminosityThe factors underlying the company’s lasting success are many, with their roots in a product strategy, a business model and an entrepreneurial vision that have stood the test of time, unmoved by market trends.Grande 26MTechnological innovation is one of the pillars supporting the success of Azimut Benetti Group, which plans to invest 130 million euros in R&D over the next 3 years. While the effort aims at the development of new products and the use of cutting-edge technologies, above all it has delivered significant results in terms of sustainability. A rapidly growing share of yachts produced by the Group guarantees a 20 to 30% reduction in fuel consumption, and therefore CO2 emissions, compared with equivalent shaft line models with hard-chine hulls. This result has been achieved by combining three key factors: the adoption of innovative propulsion systems including hybrid and electric; the development of increasingly efficient hulls, tailored to master the challenges of each model’s mission; and extensive use of carbon fiber to reduce weight.Benetti B.Yond 37MAzimut Benetti Group network, consisting of 80 dealers operating out of 138 sales and assistance offices all over the World. In 2022 the Group launched the Sea Your Future talent program, which has attracted the interest of more than 600 candidates from the best Italian and European universities with the chance to join an established international business that has recorded a 10% growth in new hires across all divisions. Azimut Benetti Group is a leading builder of luxury yachts from 11.8 to more than 36 metres in length. The Group owns the following brands: Azimut Yachts, Benetti Yachts, Yachtique, Lusben, Marina di Varazze and Royal Yacht Club Moscow.Credits: Azimut Benetti Group
December 9, 2022
IYC has announced that Raphael Sauleau will be joining the team, taking on the position of Chief Executive Officer. In his new role Raphael will be responsible for managing the company's operations and business activities globally with the objective of achieving growth and efficiencies, all in line with IYC’s strategic vision.Raphael SauleauRaphael has 25 years of experience in the private wealth and maritime sectors and has a well-earned reputation for delivering results through operations management and team development. He most recently held the position of CEO at Fraser Yachts. “I look forward to joining the IYC Family, a company that has grown exponentially the last few years under the leadership of Stefanos and partners. Stefanos and I both share a similar vision to bring the Company to even greater heights, with the human element and technology at the center of our strategy. It is incredible when skills, teamwork and passion come together. Exciting times ahead!” says Raphael Sauleau. IYC at the 2022 Fort Lauderdale International Boat ShowIYC also announced the appointment of Stefanos Makrymichalos as Executive Chairman. In his new role Stefanos will remain actively involved in the implementation of IYC’s strategic vision with a focus on the Company’s brand and technology development. Stefanos served as CEO since 2015, driving IYC to its current leading position. Stefanos Makrymichalos “I am extremely optimistic for the future success of IYC and thrilled to have Raphael alongside. We both share the same passion and the same vision of a successful company, driven by the wellbeing of our team. Raphael not only has the skills, qualifications, and experience to spearhead IYC’s continued growth, but he also shares IYC’s principal values” says Stefanos Makrymichalos.Credits: IYC; MYBA
December 9, 2022
Northrop & Johnson has announced the sale of the Majesty 120 Hull no. 4 by yacht broker Joe Foggia, acting on behalf of the buyer. The tri-deck Majesty 120 features the exterior designs by Gulf Craft’s in-house team and interior designs by Cristiano Gatto. She is surrounded by panoramic windows that seamlessly blend the indoors and outdoors with a constant flow of natural light.Her sophisticated styling interior is finished with Tabu Sycamore Frise and Amara wood which create a warm and welcoming ambiance. There are touches of marble and plenty of ambient lighting to complement the influx of natural light. The yacht’s main saloon offers many seating options over carpeted floors for additional guest comfort and wooden floors with marble borders along the rest of the space. A ten-person formal dining area is forward. Rocket OneThe yacht accommodates 12 guests across six guest cabins. The yacht’s accommodation configuration comprises an owner’s cabin with a double bed, two guest cabins with double beds, two twin guest cabins with two single beds and a VIP cabin with a double bed. Rocket OneThe yacht's sundeck features a hot tub with a sunbed, three sun loungers with side tables and a barbeque grill. Her swim platform allows guests to be even closer to the water and her beach club is a relaxing space to enjoy the alfresco lifestyle under the shade.Rocket OneThe yacht is set to be delivered in August of 2023. The manufacturer’s suggested listing price on this model is USD20,000,000.Since the company’s inception in 1982, Gulf Craft has grown to become one of the top seven shipyards in the world: once a builder of small fishing boats in its modest premises, which was a genuine passion for Gulf Craft, they then established their credentials as a leader of innovation and technology in the yachting industry. With five brands in their product portfolio ranging from 31 to 175 feet, Gulf Craft manufactures yachts and boats that appeal to a wide audience, such as touring passenger vessels, Silvercraft family day boats, Oryx Sport Cruisers, Nomad Explorer Yachts, and the flagship Majesty Yachts.Credits: Gulf Craft; Northrop & Johnson
December 9, 2022
Representing both the seller and buyer, Burgess has sold the 52 meter superyacht Lind. Lind was delivered by Amels in 2010. She is the sixth hull of the Amels 171 series. Her last refit happened in 2020. The steel and aluminum yacht features an exterior design by Tim Heywood, while her warm and welcoming interior was drawn by Laura Sessa. She features a large hot tub with sunpads on the sundeck, the sky lounge can be used as a cinema or family room, and an extensive selection of water toys. The main saloon has a spacious and comfortable L-shaped sofa, a dining table located on the front. Lind can welcome up to 11 guests in five cabins, including the full beam master suite on the main deck with a private office, lounge area, walk-in wardrobe and bathroom with hot tub. She is powered by MTU engines of 2000 hp each giving her a maximum speed of 15 knots and a cruising speed of 13 knots and has a range of 4,500 nautical miles. Lind’s last known asking price was EUR26,950,000.Credits: Yacht Harbour archive
December 8, 2022