MarineMax agrees to sale to Safe Harbor for $53.00 a share in cash
Key Facts
MarineMax announced on August 10, 2026 an agreement to sell the company to Safe Harbor Marinas under which its shareholders will receive $53.00 a share in cash, according to the deal announcement filed with the U.S. Securities and Exchange Commission. Safe Harbor is a portfolio company of Blackstone Infrastructure Partners, according to MarineMax's disclosure of the agreement. The acquisition terms imply an enterprise value of about $1.5 billion. The cash consideration represents a 96% premium to the stock's closing price of $27.03 on January 30, 2026, according to Sidley Austin, MarineMax's legal adviser. That closing price preceded the public disclosure of a non-binding takeover offer for the company. MarineMax's board unanimously approved the deal and recommended that shareholders vote in favor of the merger agreement, according to the definitive proxy statement.
The agreement followed a competitive strategic review led by the board and management with the assistance of independent advisers, according to the company's disclosure. MarineMax described the process leading to the agreement as a "strategic review process." The bidding for the company included activist investor Donerail and private equity firm Centerbridge, which were among the final-round contenders, according to Reuters. In MarineMax's business, revenue for the third quarter of its fiscal year 2026 fell 7.0% from the same period a year earlier. Revenue totaled $611.3 million, compared with $657.2 million a year earlier, according to the earnings release filed with the SEC.
The MarineMax purchase comes as Blackstone Infrastructure expands in the marina sector, after acquiring Safe Harbor from Sun Communities for $5.65 billion, according to Blackstone's announcement of the completion of that acquisition. In outlining the commercial rationale for combining the companies, MarineMax said its sales team would gain access to Safe Harbor's network. That network comprises 156 locations and more than 50,000 members, according to employee question-and-answer materials filed with the SEC. Management believes expanding the platforms will allow it to increase services and deepen relationships with customers and partners. The company said the combination would help "enhance and expand our offerings and deepen our relationships with partners and customers."
Financing for the acquisition is based on an equity financing commitment obtained by the acquisition entity, according to MarineMax's disclosure of the merger agreement. Blackstone Infrastructure committed to providing the capital needed to complete the merger and related payments. That commitment is subject to the conditions in the commitment letter, according to the same disclosure. Under the agreement, MarineMax is required to pay a cash termination fee of $31,650,000 in specified circumstances. Those circumstances include terminating the agreement to enter into a superior proposal, under the terms disclosed by the company.
The next step is a special virtual shareholder meeting scheduled to vote on the merger on November 11, 2026, according to the definitive proxy statement. The meeting begins at 10:00 a.m. U.S. Eastern time. Closing requires approval from MarineMax shareholders and certain regulatory approvals. The proxy statement said completion "is not subject to a financing condition." The agreement announcement targeted completion by the end of calendar year 2026, with closing remaining subject to specified conditions. If the acquisition is completed, MarineMax will become a private company and its shares will be delisted from the New York Stock Exchange, according to the company's disclosure.