Reuters this morning reports that investment group Donerail has offered to buy MarineMax for $35 per share in a cash deal that would value the company at approximately $1 billion. The news is supported by three inside sources, according to Reuters.
The reporting said that the move comes after the investment group pushed MarineMax to implement across-the-board changes in the way it operates, including selling itself and replacing CEO Brett McGill, as investing in the marina segment continues.
MarineMax did not respond to a request for comment, according to Reuters.
According to Reuters, Will Wyatt and Wes Calvert co-founded Donerail in 2018; Donerail owns nearly 5% of MarineMax. The report states that Donerail met with management in recent months to lay out concerns about how capital is allocated. It also criticized the company for what it said was a flawed strategy, as well as its oversight of financial matters, as Reuters previously reported.
MarineMax was trading around $26.09 Monday, valuing the company at roughly $575 million.
