Key facts
- Blackstone Infrastructure's Safe Harbor Marinas is nearing a $1.5 billion deal to acquire MarineMax.
- The acquisition follows a bidding war involving activist investor Donerail and private equity firm Centerbridge.
- Safe Harbor is expected to pay approximately $53 per share in cash.
- The deal would value MarineMax's equity at $1.17 billion, plus $335 million in debt.
- MarineMax operates 65 marinas and storage locations and 70 dealerships.
Blackstone Infrastructure's Safe Harbor Marinas is reportedly close to acquiring MarineMax for approximately $1.5 billion, according to sources familiar with the matter. The deal would conclude a months-long competition for the recreational yacht retailer, which operates 65 marinas and 70 dealerships, primarily in the United States.
Safe Harbor is expected to offer around $53 per share in cash, representing a significant premium over MarineMax's recent closing price. This valuation places MarineMax's equity at $1.17 billion, with the company also holding $335 million in long-term debt. A formal announcement could be made as early as this week, provided no last-minute issues arise.
Other parties, including activist investor Donerail and private equity firm Centerbridge, were also in contention during the final bidding rounds. Donerail had previously pressured MarineMax to consider a sale or replace its CEO, Brett McGill. MarineMax has since made changes, including board director replacements, and began actively seeking buyers in April.
This acquisition would mark Safe Harbor's largest deal since Blackstone's infrastructure arm acquired it in a $5.7 billion transaction last year. The growing investment appeal of the marina business, driven by strong consumer spending on luxury items like yachts, is highlighted by the competitive bidding process.