US hedge fund Donerail Group has reportedly offered to buy MarineMax for $35 per share in an all-cash deal.
The deal, which has been confirmed to Reuters by ‘three sources familiar with the matter’ would value the superyacht service company at just over $1bn.
The offer comes after a period of mounting pressure from Donerail, a long-term shareholder with a stake of nearly 5 per cent. In recent months, the group has reportedly been urging MarineMax to make major changes, including replacing the CEO and selling the firm, in light of ‘poor allocation of capital, flawed strategy and an inability to oversee financial matters’, according to Reuters.
MarineMax operates over 120 locations, including over 70 dealerships and 65 marinas worldwide. Founded in 1998 and headquartered in Clearwater, Florida, it offers sales, brokerage, financing, insurance, and yacht maintenance services.
MarineMax was trading around $26.09 earlier Monday (2 February 2026), valuing the company at roughly $575m.
MarineMax has not yet responded to a request for comment from MIN or Reuters.
Reuters’ sources also claim that MarineMax engaged Wells Fargo bankers earlier this year after receiving the offer, while Donerail and its investment partners retained Jefferies to pursue the takeover.
Santa Monica-based Donerail Group was founded in 2018 by Will Wyatt and Wes Calvert. It concentrates on ‘investing in and advising companies undergoing strategic transformation or navigating critical inflection points.’
More interest in MarineMax
The same Reuters sources also report further interest in MarineMax, with others potentially seeking a portion of its marina business.
Donerail’s offer has surfaced shortly before the Miami International Boat Show, which runs 11-15 February, and ahead of MarineMax’s annual meeting scheduled for 3 March 2026. At the meeting, shareholders will vote on board composition, with three of the company’s seven directors, including CEO Brett McGill, standing for election.
McGill, son of MarineMax founder Bill McGill, took over in 2018 and has sought to shift the company from a mainly retail operator to an integrated marine business. That strategy included the acquisition of marina operator Island Global Yachting in 2022, which increased MarineMax’s debt.
MarineMax’s share price is up 8 per cent so far this year, supported by the company’s report last month that same-store sales increased 10 per cent in the first quarter of fiscal 2026.
Over the past 12 months, however, the stock is down 12 per cent and has underperformed over a five-year period, falling 37 per cent while the broader S&P 500 index has gained 82 per cent.
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