Safe Harbor Marinas is set to acquire MarineMax with the two parties entering into a definitive agreement.
Under the agreement, Safe Harbor will acquire all issued and outstanding shares of common stock of MarineMax for $53 per share in cash, with the all-cash transaction valuing MarineMax at around $1.5 billion.
The transaction has been unanimously approved by the MarineMax board and is expected to close by the end of the 2026 calendar year, subject to closing conditions, including regulatory approvals and the approval of MarineMax’s shareholders.
MarineMax shareholders are being recommended to vote in favour of the transaction.
The closing of the transaction is not subject to a financing condition.
After the acquisition, MarineMax will become a privately held company, with common stock no longer listed on the New York Stock Exchange.
Review process
The agreement follows a strategic review process led by MarineMax board of directors and management team together with independent financial and legal advisors.
“We are pleased to have reached this agreement with Safe Harbor,” said Brett McGill, chief executive officer and president 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.”
Expanded service offering
Baxter Underwood, chief executive officer of Safe Harbor, added: “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.”
MarineMax operates from more than 120 locations worldwide including 70 dealerships and 65 marina and storage facilities.
The business includes IGY Marinas, Fraser Yachts Group, Northrop & Johnson, Cruisers Yachts, Aviara dayboats and Intrepid Powerboats.
Safe Harbor is a marina and superyacht service business and part of the Blackstone Infrastructure portfolio.
