MarineMax to Be Acquired in $1.5 Billion Deal

Safe Harbor Marinas, a Blackstone Infrastructure portfolio company, has agreed to acquire Oldsmar-based MarineMax for $53 a share in cash, valuing the boating company at approximately $1.5 billion and ending a sale process that began after an unsolicited takeover bid surfaced earlier this year.

The price represents a 96% premium to MarineMax’s $27.03 closing price on Jan. 30, the last trading day before public disclosure of the unsolicited proposal, and a 110% premium to its 90-day volume-weighted average through that date. MarineMax’s board unanimously approved the agreement and recommended shareholders vote for it.

The transaction is expected to close by the end of 2026, subject to shareholder and regulatory approval, and is not contingent on Safe Harbor obtaining financing. If the deal closes, MarineMax will become privately held and its shares will leave the New York Stock Exchange.

The acquisition puts MarineMax inside a much larger investment Blackstone has already made in boating infrastructure. Blackstone Infrastructure completed its $5.65 billion acquisition of Safe Harbor in April 2025. When the transaction was announced, Safe Harbor owned and operated 138 marinas across the United States and Puerto Rico.

MarineMax extends that business beyond the docks. The company operates more than 120 locations worldwide, including more than 70 dealerships and 65 marina and storage facilities. It also owns IGY Marinas, superyacht brokerages Fraser Yachts and Northrop & Johnson, manufacturers Cruisers Yachts and Intrepid Powerboats and businesses spanning financing, insurance, charter operations and marine technology.

Recreational boat sales have weakened, while MarineMax’s other businesses have helped offset some of that pressure. MarineMax generated $611.3 million in revenue during its fiscal third quarter ended June 30, down 7% from a year earlier, while same-store sales also fell 7%. Gross profit climbed 9.2% to $218.1 million and gross margin rose to 35.7%, helped by improved boat margins and growth in higher-margin marina, superyacht, parts and service operations.

MarineMax earned $15.4 million during the quarter after losing $52.1 million a year earlier, when results included a $69.1 million manufacturing goodwill impairment. The improvement came despite lower sales, with MarineMax citing growth in its higher-margin businesses as one reason gross margins expanded.

The path to the $53 price began with Donerail Group, which had been pressing MarineMax to pursue a sale or make leadership changes. Donerail made an unsolicited offer of $35 a share in January. MarineMax rejected the proposal, but additional bidders subsequently entered the process.

By July 24, Blackstone, Donerail and Centerbridge had emerged as final bidders. The $53 agreement gives MarineMax shareholders $18 more per share than Donerail’s original January proposal.

Safe Harbor already owns the places where customers keep their boats. MarineMax adds the businesses around boat ownership, from dealerships and manufacturing to yacht brokerage, financing, insurance, service and charter operations. Together, the companies give Blackstone exposure to more of the spending that follows a boat from its initial sale through ownership and eventual resale.

“The scale of our combined platforms will help us enhance and expand our offerings, deepen our partner and customer relationships, and provide greater opportunities for our team,” MarineMax CEO and President Brett McGill said.

Wells Fargo is serving as MarineMax’s exclusive financial adviser and Sidley Austin as legal counsel. Evercore is advising Safe Harbor, with Simpson Thacher & Bartlett serving as legal counsel.