Several private equity firms, strategic investors and affluent individual buyers have asked to examine confidential materials for MarineMax as they consider potential acquisition bids or purchases of parts of the company, three people with direct knowledge of the discussions said. The parties have been given confidentiality agreements that permit them to review documents and receive additional information to inform any proposal, the sources added. The sources were not permitted to be identified because the talks are private.
Among the interested buyers are Blackstone and Centerbridge Partners, along with recreational vehicle retailer Blue Compass, investor Island Capital Group and private equity firm TPG, the sources said. Representatives for those firms either declined to comment or did not respond to requests for comment. MarineMax did not immediately reply to a request for comment.
The outreach to prospective buyers and other parties follows an offer from Donerail Group, which owns a 5% stake in MarineMax, to acquire the company for just over $1 billion, according to reporting earlier this month. MarineMax subsequently retained Wells Fargo to advise on potential strategic options; Wells Fargo declined to comment, the sources said.
Headquartered in Clearwater, Florida, MarineMax operates a network of 65 marinas and storage facilities and 70 dealerships. The company services high-net-worth clients and lists megayachts for sale on its website with asking prices in the millions of dollars. In addition to retail and marina operations, MarineMax provides superyacht services.
Industry observers cited by the sources said demand for the marinas business is drawing investor attention as interest rates have declined and consumer demand for boats appears to be strengthening. That dynamic has increased interest in assets tied to marinas, the observers said.
MarineMax has signaled that it will carefully consider any credible proposal that might enhance shareholder value. The wave of interest and the distribution of confidentiality agreements do not guarantee that a transaction will occur, the sources cautioned.
Pressure on MarineMax’s board has been building since Donerail publicly demanded sweeping changes last year, including suggestions to sell the company and to replace the chief executive officer. The company did make governance changes, replacing several directors and removing its chief financial officer from the board last year, but those moves did not satisfy Donerail, the sources said.
Last week, Levin Capital Strategies, which is one of MarineMax’s 10 largest shareholders, publicly urged the board to start an immediate strategic review and to engage with Donerail following its offer.
Shareholders will vote next week at MarineMax’s annual meeting, selecting who will serve on the company’s board. The vote will determine whether CEO Brett McGill - son of company founder Bill McGill - retains his seat. Since Brett McGill became CEO in 2018, the company’s earnings per share have declined by 64%.
MarineMax’s stock performance has lagged broader markets. Over the past five years, the company’s share price has fallen 43% while the Standard & Poor’s 500 index returned 76% for the same period. This year, MarineMax shares have risen 18%; the company is valued at $628 million, according to the figures cited in reporting on the matter.
Donerail continues to press for changes at the company and has urged shareholders to withhold support from Brett McGill. The California Teachers’ Retirement System, CalSTRS, said it voted against all three directors standing for election.
Context and next steps
The current phase of outreach places MarineMax at the center of active takeover interest, with potential buyers conducting due diligence under confidentiality agreements. Any sale, partial divestiture or strategic transaction would depend on the result of those reviews and decisions by the SanMax board and shareholders, the sources noted.