Donerail Group Offers $1.1 Billion to Purchase MarineMax

(*UPDATED February 4th, 2026- see below)

The Donerail Group has submitted a non-binding proposal to acquire MarineMax -- the world's largest recreational and yacht retailer -- in an all-cash deal valued at approximately $1.1 billion, according to multiple reports.

Under the terms of the proposal, Donerail is offering $35.00 in cash per share for all outstanding MarineMax common stock. The offer represents a 38% premium over MarineMax’s 60-day volume-weighted average share price of $25.45, as of Monday.

The proposal is non-binding and subject to due diligence, negotiation, and documentation, and must be approved by Donerail’s investment committee, according to a press release.

Not only is MarineMax the largest recreational boat retailer in the world, it's also one of the most active in terms of acquisition. The Oldsmar, Florida-based company purchased renowned brands Intrepid Powerboats and Cruisers Yachts in 2021, as well as superyacht management company SYM in 2022. The company operates as a recreational boat and yacht retailer, marina operator, and provider of superyacht services with 65 marinas and storage facilities, as well as 70 dealerships spanning across recreational boating.

Donerail Group, based in Los Angeles, CA was founded in 2018 by William Wyatt. The investor group "is a merchant bank built to help catalyze, structure, and facilitate solutions for companies at critical inflection points," according to its website.  

According to the offer details, Donerail has secured the necessary equity and debt support letters from unnamed investment firms to finance the transaction. The proposal also states that any definitive agreement would not be subject to financing conditions. Jefferies LLC is acting as financial advisor to Donerail, and Olshan Frome Wolosky LLP is serving as legal counsel.

MarineMax, headquartered in Oldsmar, Florida, confirmed it has received the unsolicited offer. The company’s board of directors will review the proposal with independent financial and legal advisors. MarineMax also stated that no shareholder action is required at this time. MarineMax has retained Wells Fargo as its financial advisor and Sidley Austin LLP as legal counsel to assist with evaluation of the proposal.

Following the confirmation of the offer, MarineMax’s stock price rose on Tuesday. Shares traded higher on the news, reflecting the market’s interest in the acquisition.

Donerail is already one of MarineMax’s largest shareholders, owning over 4% of the company’s outstanding shares.

News of the offer comes ahead of MarineMax’s annual shareholder meeting, scheduled for March 3rd, at which three board members — including CEO Brett McGill — are up for election.

Because the proposal is non-binding, there is no guarantee that an agreement will be reached. MarineMax’s board has not announced any decision regarding acceptance, rejection, or modification of the offer as of Tuesday.

This is not the first time Donerail or other investors have put pressure on MarineMax to change course over concerns about its operational status. In an article with Reuters in October 2025, Donerail "criticized MarineMax for poor allocation of capital, flawed strategy and an inability to oversee financial matters. It is now stepping up its push for changes, according to the sources, who were not permitted to discuss the private matter publicly."

In the same article, Levin Capital, another investor, "pushed MarineMax to evaluate strategic alternatives and Island Capital's Andrew Farkas has said he wants to buy back IGY Marinas after selling it in 2022." Island Global Yachting (IGY) was purchased by MarineMax in 2022 but the transition has not been smooth. According to Reuters, the Mexican Navy took control of one of IGY's facilities, the Marina Cabo San Lucas, after the company failed to renew its lease with the government. Furthermore, since McGill assumed the position of CEO in 2018, the company's stock price has underperformed the S&P 500 by 121% and the S&P 600 Consumer Discretionary index by 56%.

OneWater Marine also offered to purchase MarineMax in 2024 at $40 per share in an all-cash deal valued at $2.5 billion but the offer was rejected. UPDATE:

MarineMax has confirmed receipt of the offer in a statement with Yahoo Finance.

"MarineMax, Inc. (NYSE: HZO) ("MarineMax" or the "Company"), the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company, today confirmed that it has received an unsolicited, non-binding indication of interest from The Donerail Group ("Donerail") to acquire all of the Company’s outstanding common shares for $35.00 per share in cash.

MarineMax’s Board of Directors (the "Board") 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.

There is no action for MarineMax shareholders to take at this time."

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