Safe Harbor to Buy MarineMax in $1.5 Billion All-Cash Deal
Blackstone-backed Safe Harbor Marinas agreed to take the yacht retailer and marina operator private at a 96% premium, capping a competitive strategic review of the company's future.
Safe Harbor Marinas agreed to acquire MarineMax, Inc. (NYSE: HZO) in an all-cash transaction valuing the company at approximately $1.5 billion. Under the agreement, MarineMax shareholders will receive $53.00 a share in cash for all outstanding shares of common stock.
The purchase price represents a 96% premium to MarineMax's closing share price of $27.03 on January 30, 2026, the last trading day before an unsolicited non-binding proposal to acquire the company became public, and a 110% premium to its 90-day volume-weighted average price through that date. The deal carries no financing condition and is expected to close by the end of calendar 2026, subject to regulatory approvals and a vote of MarineMax shareholders. If completed, MarineMax would become a privately held company and its stock would be delisted from the New York Stock Exchange.
Safe Harbor and MarineMax framed the combination as a way to broaden their reach across the marine services industry. "MarineMax has a talented team and deep relationships across the industry. By bringing together these two complementary businesses, we believe we can create greater value for boaters and an expanded service offering for the industry. We look forward to partnering with the MarineMax team to support their next chapter of growth," said Baxter Underwood, chief executive officer of Safe Harbor.
MarineMax operates more than 120 locations worldwide, including over 70 dealerships and 65 marina and storage facilities, spanning boat and yacht retail, marina operations under IGY Marinas, superyacht brokerage through Fraser Yachts Group and Northrop & Johnson, and manufacturing brands including Cruisers Yachts and Intrepid Powerboats. The company's board, led by chairperson Rebecca White, unanimously approved the deal following a competitive strategic review process run with the assistance of independent financial and legal advisors, concluding the transaction offered "compelling and certain value" for shareholders. MarineMax chief executive Brett McGill said the company had focused on "maximizing value for our shareholders and positioning MarineMax for continued growth and success" throughout the process. Safe Harbor, a marina and superyacht service business, is a Blackstone Infrastructure portfolio company.
Wells Fargo is serving as exclusive financial advisor and Sidley Austin LLP as legal counsel to MarineMax, while Evercore is serving as exclusive financial advisor and Simpson Thacher & Bartlett LLP as legal counsel to Safe Harbor. MarineMax intends to file a proxy statement with the SEC seeking shareholder approval of the transaction, with additional deal details to follow in a Current Report on Form 8-K.