MarineMax has confirmed receipt of an unsolicited bid that would value the organisation at around $1 billion.
The non-binding indication of interest is from The Donerail Group to acquire all the outstanding common shares in MarineMax for $35 per share.
In a statement, MarineMax says its board of directors remains focused on creating value for shareholders and other stakeholders.
And the organisation, which is the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company, says its board will review and evaluate the indication of interest and determine the best course of interest for shareholders and other stakeholders.
Sweeping changes
According to a report from the Reuters news agency, the offer comes several months after the investment group pressed MarineMax to make sweeping changes, ranging from selling itself to replacing its chief executive as the marinas business becomes a hot investment area.
Donerail, co-founded by Will Wyatt and Wes Calvert in 2018, owns nearly 5% of MarineMax and has met with the organisation’s management with concerns about how capital is allocated.
Reuters suggests that Donerail isn’t the only party expressing interest in MarineMax, with others signalling an interest in its marina business.
Integrated businesses
MarineMax’s annual meeting is currently scheduled for March 3 2026 where the make up of the company’s board will be decided, with three of the company’s current seven board members, including CEO Brett McGill, standing for election.
MarineMax is headquartered in Clearwater, Florida, and has more than 120 locations worldwide, including over 70 dealerships and over 65 marina and storage facilities.
There are also several integrated business: IGY Marinas, which operates luxury marinas in yachting and sport fishing destinations around the world; Fraser Yachts Group and Northrop & Johnson, superyacht brokerage and luxury yacht services companies.
In addition, MarineMax owns Cruisers Yachts, manufacturers of premium sport yachts, motor yachts, and Aviara luxury dayboats and Intrepid Powerboats, a manufacturer of powerboats.
The Donerail Group is a hedge fund manager based in California.
