Clearwater-based MarineMax (NYSE: HZO), has entered into a definitive agreement to acquire Island Global Yachting, which owns and operates a collection of marina assets and a yacht management platform in global yachting destinations.

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, according to a statement.

IGY Marinas is projected to generate over $100 million of revenue in calendar 2022.

“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,” said W. Brett McGill, chief executive officer and president of MarineMax, in the statement. “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.”

Subject to closing conditions, MarineMax expects the acquisition to close in the first half of fiscal 2023.

Tom Mukamal, CEO of IGY Marinas, and the IGY Marinas existing management team will remain in their respective positions, the statement said.