MarineMax announced today that it agreed to be acquired by Safe Harbor Marinas, a Blackstone Infrastructure portfolio company, in an all-cash deal valuing the company at approximately $1.5 billion.
Under the terms of the agreement, MarineMax shareholders will receive $53 per share in cash — a 96% premium over the company’s closing stock price of $27.03 on Jan. 30, the day before news broke of an unsolicited buyout offer. The price also represents a 110% premium to MarineMax’s 90-day, volume-weighted average price through that same date.
According to a statement, the deal is the outcome of a competitive strategic review conducted by the MarineMax board with the help of independent financial and legal advisors. The board approved the transaction unanimously and is recommending that shareholders vote in favor of it at a special meeting to be scheduled later this year.
MarineMax CEO and president Brett McGill said in the statement that the deal reflects the strength of the company’s business model, team and product lineup, and positions the combined company for further growth. Safe Harbor CEO Baxter Underwood called the pairing an opportunity to expand service offerings for boaters and the broader marine industry. Board chair Rebecca White said in the statement that the transaction delivers “compelling and certain value” for shareholders following a thorough process.
MarineMax operates more than 120 locations worldwide, including 70-plus dealerships and 65 marina and storage facilities, along with such brands as IGY Marinas, Fraser Yachts, Northrop & Johnson, Cruisers Yachts and Intrepid Powerboats. If the deal closes, MarineMax will become a privately held company and will be delisted from the New York Stock Exchange.
The transaction is expected to close by the end of 2026, pending shareholder and regulatory approval, and is not contingent on financing. Wells Fargo and Sidley Austin are advising MarineMax, while Evercore and Simpson Thacher & Bartlett are advising Safe Harbor.
