MarineMax agrees $1.5bn sale to Safe Harbor
MarineMax Fort Myers facility MarineMax, a major US-based marina operator, superyacht services company and boat and yacht retailer, has entered into a definitive agreement to be acquired by Safe Harbor Marinas, a marina and superyacht service business owned by Blackstone Infrastructure. The transaction values MarineMax at an enterprise value of approximately $1.5bn.
Under the agreement, Safe Harbor will acquire all issued and outstanding shares of MarineMax common stock for $53 per share in cash.
The purchase price represents a 96 per cent premium to MarineMax’s closing share price of $27.03 on 30 January 2026. That was the last trading day before the public disclosure of an unsolicited non-binding proposal to acquire the company. The price also represents a 110 per cent premium to MarineMax’s 90-day volume-weighted average price for the period ending 30 January .
MarineMax says the deal follows a strategic review led by its board of directors and management, with support from independent financial and legal advisers.
“We are pleased to have reached this agreement with Safe Harbor,” says Brett McGill, chief executive officer of MarineMax. “Throughout this process, we have remained focused on maximising value for our shareholders and positioning MarineMax for continued growth and success. I am proud of the strength of our differentiated, resilient and integrated model, loyal customer base, talented team and premium product portfolio. 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.”
Baxter Underwood, chief executive of Safe Harbor, adds: “MarineMax has a talented team and deep relationships across the industry. By bringing together these two complementary businesses, we believe we can create greater value for boaters and an expanded service offering for the industry. We look forward to partnering with the MarineMax team to support their next chapter of growth.”
Rebecca White, chair of the board, comments: “The transaction announced today is the result of careful consideration and negotiation by the board and management. Following a thoughtful and comprehensive process, the board unanimously concluded that this transaction is in the best interests of MarineMax and its shareholders, and that the transaction price represents compelling and certain value for MarineMax’s shares.”
Transaction details
The transaction was unanimously approved by MarineMax’s board and is expected to close by the end of 2026. Completion remains subject to customary closing conditions, including certain regulatory approvals and approval from MarineMax shareholders.
The board recommends that shareholders vote in favour of the transaction at a special meeting to be held to consider the deal. Completion is not subject to a financing condition.
If the transaction goes ahead, MarineMax will become a privately held company and its common stock will no longer be listed on the New York Stock Exchange.
MarineMax will file further information on the transaction with the US Securities and Exchange Commission in a Current Report on Form 8-K.
Wells Fargo is serving as exclusive financial adviser and Sidley Austin LLP is serving as legal counsel to MarineMax. Evercore is serving as exclusive financial adviser and Simpson Thacher & Bartlett LLP is serving as legal counsel to Safe Harbor.
Sale caps year of investor revolts
MarineMax is a recreational boat and yacht retailer, marina operator and superyacht services company with more than 120 locations worldwide. Its network includes more than 70 dealerships and 65 marina and storage facilities.
The company operates IGY Marinas, and its businesses also include Fraser Yachts Group and Northrop & Johnson.
News of the sale comes after period of scrutiny for the firm, which has faced revolts from activist investors over recent financial performance and accusations of a “corrosive culture of nepotism.” The firm’s stock price had soared 30 per cent this year after investors began pushing for a sale. However, over the past five years, the firm’s stock has fallen by more than 50 per cent.
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