Andrew L. Farkas, founder and former Island Global Yachting (IGY) chairperson, proposed to buy back up to a 100% interest in MarineMax’s YMRS Business, which includes Fraser Yachts, Northrop & Johnson, and IGY Marinas. MarineMax has now responded in a statement. Farkas sold IGY to MarineMax in 2022. In a public letter addressed to MarineMax’s shareholders on July 9 on behalf of Farkas’ Island Capital Group (ICG), Farkas proposed a buyback due to IGY not thriving under MarineMax the way he believed it would. Farkas states four main reasons IGY hasn’t thrived: “The Company has successively reduced its fiscal year 2024 Adjusted EBITDA and Adjusted EPS guidance twice in its last two quarters of earnings releases, with Adjusted EBTDA down a total of 27% and Adjusted EPS down a total of 43% compared to its initial guidance for the year; No new assets were acquired by IGY while competitors have raised capital and developed and acquired assets, putting IGY’s competitive advantages at risk; The Company has failed to advance any of the growth initiatives IGY highlighted in its sales process; and Tom Mukamal, who I hired and who successfully led IGY as CEO from 2010 to 2023, left IGY.” MarineMax responded to the public letter in a statement made on July 12. “The MarineMax Board of Directors is open-minded and regularly evaluates bone fide opportunities to enhance shareholder value. The Board is always open and responsive to input from key stakeholders and we have spoken with Island Capital on several occasions. The Company will continue to make decisions and take actions that we believe are in the best interest of the Company and our shareholders,” the statement said. IGY Marinas has 28 marinas around the world, including seven in the United States.