MarineMax agrees to $1.5 billion sale to Blackstone-owned marina company

MarineMax has agreed to be acquired by Safe Harbor Marinas, an entity connected to private equity firm Blackstone,  in a $1.5 billion all-cash deal that would take the Tampa Bay boating giant private. The deal comes after months of pressure from investors and prospective buyers.

Safe Harbor, a Blackstone Infrastructure portfolio company, will pay MarineMax shareholders $53 per share under the proposed deal, the companies announced Monday. The price is nearly double MarineMax’s closing share price of $27.03 on Jan. 30, before an unsolicited takeover proposal became public.

The agreement requires approval from both MarineMax shareholders and regulators, according to a release. The companies expect the sale to close by the end of 2026. It is not contingent on Safe Harbor obtaining financing.

If completed, the deal would end MarineMax’s run as a publicly traded company, and its shares would no longer be listed on the New York Stock Exchange.

MarineMax’s board unanimously approved the transaction and is recommending shareholders support it at a special meeting. The company says the agreement resulted from a competitive strategic review conducted with outside financial and legal advisers.

“We have remained focused on maximizing value for our shareholders and positioning MarineMax for continued growth and success,” CEO and President Brett McGill says in the release.

MarineMax, founded in Clearwater and headquartered in Oldsmar, has grown from a boat retailer into an international company spanning marinas, yacht manufacturing, brokerage, financing, insurance and vacation charters. It has more than 120 locations worldwide, including more than 70 dealerships and 65 marina and storage facilities, according to the company.

Its holdings include luxury-marina operator IGY Marinas; yacht brokerages Fraser Yachts Group and Northrop & Johnson; manufacturers Cruisers Yachts and Intrepid Powerboats; and several marine technology and financial-services businesses.

Safe Harbor describes itself as a marina and superyacht service company serving boaters worldwide. Blackstone acquired the Dallas-based company in 2025 in a transaction valued at about $5.65 billion. Combining it with MarineMax would create a substantially larger network of marinas, dealerships and services for boat and yacht owners, according to the statement. 

Safe Harbor CEO Baxter Underwood says in the release that the businesses have complementary operations and that their combination could expand services for customers and the marine industry.

The MarineMax agreement follows a contentious period for the company’s leadership.

In February, California hedge fund Donerail Group made an unsolicited offer to acquire MarineMax for about $1.1 billion, or $35 per share. Donerail later criticized the pace of negotiations and suggested it could raise its offer after conducting due diligence.

Major shareholder Levin Capital Strategies also pushed MarineMax to immediately explore strategic alternatives, criticizing the company’s handling of previous acquisition interests. Both Donerail and Levin urged shareholders to vote against McGill’s reelection to the board, arguing that a leadership change was needed.

Shareholders nevertheless reelected McGill — the son of MarineMax founder Bill McGill — and two other directors in March. The younger McGill has led the company since 2018, overseeing its expansion beyond boat sales. That growth included the 2022 acquisition of Island Global Yachting, a deal that broadened MarineMax’s marina business while adding debt.

Amid the public dispute, several investment firms reportedly expressed interest in buying MarineMax, including Blackstone, Centerbridge Partners, TPG, Island Capital Group and Blue Compass. MarineMax provided confidentiality agreements that allowed prospective buyers to examine company information before making potential bids.

The Safe Harbor offer represents a 96% premium over MarineMax’s Jan. 30 closing price and a 110% premium over its volume-weighted average share price during the preceding 90 days, according to the release. It is also $18 per share higher than Donerail’s initial offer.

MarineMax board chairperson Rebecca White says directors determined after “careful consideration and negotiation” that the Safe Harbor transaction offered shareholders compelling and certain value, according to the release.

Wells Fargo advised MarineMax on the sale, while Evercore advised Safe Harbor.