MarineMax, Donerail Group responds to public outcry over leadership concerns

Weeks after a California hedge fund made an unsolicited offer to buy the company for $1.1 billion cash, MarineMax has been thrust into a public sparring match with both its potential buyer and shareholders urging the company to accept the deal. 

On Monday, the Donerail Group issued its second open letter to MarineMax shareholders voicing concerns over the company’s fiscal management, urging the ouster of current CEO Brett McGill and claiming inaction on the yacht and marina operators’ part when it comes to negotiating the potential sale.

In the letter, Donerail reaffirmed its all-cash offer for $35 a share — a 38% premium over the MarineMax’s 60-day volume-weighted average price of $24.45 — and dangled the possibility that, given access to information and the opportunity to conduct due diligence, the company “could potentially increase our proposal price.”

“We are disappointed that, despite submitting our initial proposal nearly six weeks ago on January 13, 2026, alongside a more detailed proposal on February 1, 2026, providing clear evidence of financing capability from leading global investment partners, the Board has not provided any meaningful feedback on our proposal, does not appear to have established a bona fide process to evaluate our proposal, nor has it provided access to customary confidential information necessary to finalize a fully binding proposal,” Donerail’s letter says. 

Donerail is one of the largest shareholders in the Clearwater-born superyacht service, owning just over 4% of the company. Following a Feb. 9 letter to shareholders from Donerail urging them to vote against keeping Brett McGill in the CEO position during its upcoming meeting March 3, another top 10 shareholder — Levin Capital Strategies — wrote its own letter dated Feb. 17 that called for MarineMax’s board of directors to conduct an “immediate review of strategic alternatives” for the company after its “prior failures to capitalize on credible acquisition offers.”

According to Donerail’s letter, it was publicly disclosed on Friday that the California State Teachers’ Retirement System, the second-largest public pension fund in the U.S., has expressed plans to vote against re-electing Brett McGill, as well as MarineMax’s three other nominees for director positions. 

“We believe this vote reflects a growing recognition among sophisticated institutional investors that meaningful change is required at MarineMax,” Donerail’s letter says. “The growing number of institutional investors and shareholders expressing concern underscores our belief that there is an urgent need for decisive action to ensure shareholders’ interests are properly represented.”

MarineMax hit back with its own public letter the day after Donerail’s release, saying on Feb. 24 that its board of directors “is committed to driving value for all shareholders” and has been engaging with Donerail and evaluating its offer to acquire the company.

MarineMax responded promptly to Donerail’s offer with “customary diligence questions” aimed at evaluating the company’s interest, funding sources and execution certainty, the letter says. MarineMax and its advisors have had three “substantive” calls with Donerail and provided a standard non-disclosure agreement to the company “nearly two weeks ago” to “facilitate further engagement,” MarineMax says. 

“However, while Donerail has publicly expressed its desire to receive non-public information about our business twice (and criticized the company for not yet providing such information), Donerail has not yet executed or even provided comments on this simple, customary agreement,” the letter says.

Both MarineMax and Donerail group closed their respective letters with promises to “engage constructively” and continue to evaluate “credible proposals that enhance shareholder value.”