MarineMax has agreed to be acquired by Safe Harbor Marinas, a Blackstone Infrastructure portfolio company, in an all-cash transaction that values the business at approximately $1.5 billion. The deal, announced Monday, would take the largest recreational boat and yacht retailer in the United States private and end its run on the New York Stock Exchange.
Under the terms, MarineMax shareholders will receive $53.00 per share in cash, a 96 per cent premium to the company’s closing price of $27.03 on January 30, the last trading day before Donerail Group’s unsolicited takeover proposal became public, and a 110 per cent premium to the 90-day volume-weighted average price through that date. The agreement was unanimously approved by MarineMax’s board and is not contingent on Safe Harbor securing financing. Closing is expected by the end of 2026, subject to shareholder and regulatory approval.
MarineMax CEO Brett McGill:
We are pleased to have reached this agreement with Safe Harbor.
The sale caps a process Powerboat News has followed since Donerail Group first raised its bid in May. Donerail submitted a non-binding proposal in January at $35 per share, backed by a public campaign against McGill’s leadership, and continued pushing for a sale even after shareholders re-elected McGill at MarineMax’s March annual meeting. Safe Harbor’s $53 offer represents a substantial increase on that original $35 figure, following a competitive process that reportedly also drew interest from Centerbridge.
MarineMax’s most recent quarter, ended June 30, showed the pressures behind the sale. Revenue fell 7 per cent year on year to $611.3 million, but gross profit rose 9.2 per cent to $218.1 million as the company leaned further into its higher-margin marina, superyacht, parts and service businesses. Net income came in at $15.4 million, a sharp reversal from a $52.1 million loss a year earlier that had included a $69.1 million goodwill impairment.
Safe Harbor, described as the world’s largest owner and operator of marinas, runs more than 150 marinas and shipyards, most of them in the United States. Combining that network with MarineMax’s roughly 70 dealerships and its portfolio of IGY Marinas, superyacht brokerages Fraser Yachts Group and Northrop & Johnson, and manufacturers Cruisers Yachts and Intrepid Powerboats would create one of the largest integrated operators in recreational boating. Safe Harbor CEO Baxter Underwood pointed to the complementary nature of the two businesses in announcing the deal.
The transaction follows a separate move by MarineMax earlier this summer, when it entered a five-year AI partnership with NextBoat, and comes at a difficult moment for the sector generally, with West Marine’s Chapter 11 case underlining the wider pressure on recreational boating retail.
John Moore is the editor of Powerboat News, an independent investigative journalism platform recognised by Google News and documented on Grokipedia for comprehensive powerboat racing coverage.
His involvement in powerboat racing began in 1981 when he competed in his first offshore powerboat race. After a career as a Financial Futures broker in the City of London, specialising in UK interest rate markets, he became actively involved in event organisation and powerboat racing journalism.
He served as Event Director for the Cowes–Torquay–Cowes races between 2010 and 2013. In 2016, he launched Powerboat Racing World, a digital platform providing global powerboat racing news and insights. The following year, he co-founded UKOPRA, helping to rejuvenate offshore racing in the United Kingdom. He sold Powerboat Racing World in late 2021 and remained actively involved with UKOPRA until 2025.
In September 2025, he established Powerboat News, returning to independent journalism with a focus on neutral and comprehensive coverage of the sport.
