Key facts
- Blackstone and Donerail are in the final bidding round for MarineMax.
- Centerbridge is also a final bidder for the yacht retailer.
- MarineMax has a market value of approximately $725 million.
- The company operates 65 marinas and 70 dealerships.
- Donerail had previously pressured MarineMax to consider a sale.
Investment firms Blackstone and Donerail are reportedly among the final bidders for recreational yacht retailer MarineMax, which is exploring a sale. Private equity firm Centerbridge is also in the final round of bidding for the Clearwater, Florida-headquartered company.
MarineMax, with a market value of around $725 million, operates 65 marinas and 70 dealerships and caters to wealthy clients. The company has faced pressure from investors, including Donerail and Levin Capital, to consider strategic alternatives or a sale. MarineMax has made some changes, such as replacing board directors, but has not publicly confirmed a sales process.
Reuters previously reported that Donerail submitted an all-cash offer valuing MarineMax at approximately $1 billion, and subsequently raised its offer. Blackstone also entered the bidding process after MarineMax formally solicited buyer interest in April.
The marina and superyacht services sector has seen significant dealmaking recently, supported by strong consumer spending on luxury items. Blackstone acquired Safe Harbor Marinas for $5.7 billion, and Stonepeak acquired Southern Marinas in April.
MarineMax shares were trading around $33.30 on Friday, showing year-to-date gains of about 37%, though still below their lifetime high from May 2021.