Recreational boat and yacht retailer MarineMax has signed an agreement to take over Island Global Yachting (IGY Marinas) for $480m in cash.

Based on the achievement of defined performance metrics, IGY Marinas will also secure an additional potential earnout of up to $100m two years after the closing of the deal.

IGY Marinas is the owner and operator of marina assets, as well as a yacht management platform in crucial global yachting destinations.

The company, which caters to a range of luxury yachts, has a global network of 23 curated marinas in the Americas, the Caribbean and Europe.

Its marina network is complemented by an exclusive Trident superyacht membership programme, expansive service offerings and a comprehensive yacht management platform.

Furthermore, IGY Marinas is used for exclusive events, such as the Cannes Yachting Festival, Cannes Lions International Festival of Creativity, Superyacht Miami and Art Basel.

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Recent acquisitions and organic growth are anticipated to help IGY Marinas generate more than $100m of revenue this year.

IGY Marinas CEO Tom Mukamal, along with the firm’s existing management team, will continue to manage the business operations.

MarineMax CEO and president Brett McGill said: “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.”

The deal is subject to the satisfaction of customary closing conditions and is expected to be completed in the first half of fiscal 2023.