Marine retailer and marina operator MarineMax has issued a statement after reports of a potential acquisition.
On Tuesday (3 February 2026), it emerged that US hedge fund Donerail Group had offered to buy MarineMax for $35 per share in an all-cash deal. The deal would value the company at just over $1bn.
Several hours later, MarineMax issued a public statement confirming the offer had been received, but making clear it was not welcome.
‘Unsolicited, non-binding indication of interest’
‘MarineMax has received an unsolicited, non-binding indication of interest from The Donerail Group to acquire all of the company’s outstanding common shares for $35 per share in cash,’ the statement reads.
‘MarineMax’s board of directors remains focused on creating value for shareholders and other stakeholders. Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, the board will carefully review and evaluate the indication of interest and determine the course of action the board believes is in the best interests of MarineMax and its shareholders and other stakeholders.’
The statement concludes: ‘There is no action for MarineMax shareholders to take at this time.’
Sidley Austin LLP is the legal advisor to MarineMax, and Wells Fargo is the company’s financial advisor.
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.
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.’
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.
Prior to the news, MarineMax’s share price had been 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.
MarineMax shares rose on Tuesday after the news was published, trading at around $30.80 – up from $26.09 on Monday.
Over the past five-year period, however, the firm has underperformed, falling 37 per cent while the broader S&P 500 index has gained 82 per cent.
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