MarineMax votes to keep CEO amid bids to buy company

MarineMax CEO Brett McGill gets to keep his job, shareholders decided during a Tuesday board meeting — a contentious vote of confidence that comes amid calls for McGill’s ouster and bids from multiple investment firms interested in taking over the Oldsmar-based superyacht service. 

The public sparring match between MarineMax, shareholders and the company’s potential buyers began in February when California hedge fund Donerail Group made an unsolicited offer to buy the company for $1.1 billion in cash. What followed were a series of public statements: from Donerail Group accusing MarineMax of going too slow during negotiations and from major shareholders Levin Capital Strategies calling for an “immediate review of strategic alternatives” for MarineMax after its “prior failures to capitalize on credible acquisition offers.”

Both Donerail Group and Levin Capital Strategies also urged the company’s shareholders to vote against reappointing McGill as CEO of the company during its annual meeting March 3, saying they no longer had confidence in his leadership.

But shareholders re-elected McGill to the company’s board, along with directors Odilon Almeida and Daniel Schiappa, each to serve three-year terms expiring in 2029, SEC filings show.

Calls to MarineMax for comment were not returned. 

McGill is the son of MarineMax founder Bill McGill and took over the company in 2018, expanding it from a mainly retail operation to an integrated marine business by acquiring marina operator Island Global Yachting in 2022 — and increasing MarineMax’s debt in the process, according to Reuters. 

MarineMax had $2.35 billion in revenue over the past 12 months and a gross profit of $741.01 million, according to Yahoo Finance. That was enough to entice Donerail Group to offer to purchase the company for $35 a share — a 38% premium over MarineMax’s 60-day volume-weighted average price of $24.45. In a recent public letter to shareholders, Donerail Group even dangled the possibility it would “potentially increase our proposal price” once given the opportunity to conduct due diligence with MarineMax. 

Now, Reuters reports that private equity groups Blackstone Inc., Centerbridge Partners and TPG Inc. have all expressed interest in a buyout, issuing competing proposals. There has also been reported interest from investment firm Island Capital Group and recreational vehicle retailer Blue Compass, Reuters says. 

In response, MarineMax has sent out confidentiality agreements allowing the parties to review documents and receive information that could inform future bids, Reuters reports. 

In other actions during Tuesday’s meeting, shareholders approved the company’s executive compensation plan and appointed KPMG LLP to serve as an independent auditor for the 2026 fiscal year.