Donerail Group has proposed to buy MarineMax at $35 per share in an all-cash transaction that would place the value of the Clearwater, Florida-based superyacht services and retail business at just over $1 billion, three people familiar with the discussions said.
The offer represents a direct push by Donerail after several months in which the investment group urged MarineMax to undertake substantial adjustments - including exploring a sale and replacing its chief executive - as investors and buyers show increased interest in marina assets and related services.
MarineMax operates 65 marinas and storage locations and runs roughly 70 dealerships. The company markets megayachts on its website with listings that run into the millions of dollars and caters to a wealthy buyer base.
A representative for MarineMax did not immediately reply to a request for comment. The people close to the matter said MarineMax engaged Wells Fargo bankers earlier this year after receiving the proposal, while Donerail and its investment partners retained Jefferies to advance the potential takeover.
Donerail, which was co-founded in 2018 by Will Wyatt and Wes Calvert, currently holds close to a 5% stake in MarineMax. The group met with company management multiple times over recent months to express concerns about capital allocation, criticize the company’s strategic direction and flag what Donerail described as weaknesses in financial oversight.
At the time the offer surfaced, MarineMax shares were trading near $26.09 earlier Monday, implying a market valuation of roughly $575 million. While the company has implemented some board changes - including the removal of the chief financial officer from the board last year and the replacement of several directors - those moves did not fully address Donerail’s stated concerns, according to the people familiar with the talks.
Sources said Donerail is not the only party signaling potential interest in MarineMax. Other suitors have reportedly indicated they might pursue part of the business, specifically the marina operations, rather than the entire company. The marina segment has attracted attention because ultra-wealthy yacht owners have only a limited number of docking locations, creating a reliable income stream for owners of premier marinas.
Interest in marina and superyacht servicing assets has found recent validation in the market: alternative asset manager Blackstone bought Safe Harbor, a marina and superyacht-servicing business, last year for $5.7 billion. Industry actors and observers cited in earlier commentary said there could be substantial demand for either the whole MarineMax enterprise or discrete components, particularly as interest rates have softened and consumer appetite for boats has shown signs of strengthening.
MarineMax’s share price has risen 8% so far this year, after the company reported that same-store sales increased 10% in its fiscal 2026 first quarter. Still, the stock remains down 12% over the past 12 months and has fallen 37% over the last five years, while the broader S&P 500 index has climbed 82% during that five-year span.
The timing of Donerail’s bid precedes two notable events on MarineMax’s calendar: the Miami International Boat Show, which opens next week, and the company’s annual meeting scheduled for March 3. The annual meeting will include a vote on board composition, with three of seven board members - including Chief Executive Officer Brett McGill - standing for election.
McGill, who is the son of MarineMax founder Bill McGill, became CEO in 2018. Under his leadership the company has pursued a strategic shift from being primarily a retailer toward becoming a more integrated marine business. A key part of that strategy was the acquisition of Island Global Yachting (IGY) in 2022.
That purchase expanded MarineMax’s footprint into luxury marinas across the U.S., Europe, the Caribbean and Latin America, but it also increased the company’s leverage and presented integration challenges. For example, in 2024 the Mexican Navy took control of Marina Cabo San Lucas, an IGY asset, after the company did not successfully renew its lease with the government.
Those operational and governance issues, along with the asset-heavy nature of marinas and the concentrated customer base they serve, have made MarineMax a focal point for investors weighing strategic alternatives. Donerail’s approach - combining a significant minority stake with repeated management engagement and now a public offer - signals a more activist posture aimed at reshaping the company’s trajectory or catalyzing a sale.
Context and next steps
Wells Fargo and Jefferies, the respective advisers to MarineMax and Donerail reported by sources, did not provide comment through the channels used to seek reaction. The outcome of the offer and any competing interest in all or parts of the business will likely unfold in the coming weeks, as investor votes and boat-show activity converge on MarineMax’s near-term schedule.