Dallas-based Safe Harbor Marinas has agreed to acquire MarineMax in an all-cash transaction valued at about $1.5 billion. [Photo: AdobeStock]
In a deal to combine two of the world’s largest businesses in recreational boating and superyachts, Dallas-based Safe Harbor Marinas agreed to acquire Florida-based MarineMax in an all-cash transaction with an enterprise value of about $1.5 billion. MarineMax is listed on the New York Stock Exchange, but it is set to go private when the deal closes, which is expected by the end of the year.
Safe Harbor Marinas, a Blackstone Infrastructure portfolio company, has agreed to pay $53 per share. That price is a 96% premium to MarineMax’s closing price of $27.03 on Jan. 30, which was the last trading day before an unsolicited bid for the company became public. It also is a 110% premium to MarineMax’s 90-day volume-weighted average price for the period ended Jan. 30.
New York-based Blackstone Infrastructure, the infrastructure investing arm of Blackstone Inc., agreed in February 2025 to acquire Safe Harbor Marinas from Sun Communities for $5.65 billion, completing that deal on April 30, 2025.
Leaders say deal fuels bright future
“MarineMax has a talented team and deep relationships across the industry,” Safe Harbor CEO Baxter Underwood said in a statement. “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.”
MarineMax President and CEO Brett McGill said that company leaders have been focused on “maximizing value for our shareholders and positioning MarineMax for continued growth and success.”
“I am proud of the strength of our differentiated, resilient and integrated model, loyal customer base, talented team and premium product portfolio,” McGill said. “The scale of our combined platforms will help us enhance and expand our offerings, deepen our partner and customer relationships, and provide greater opportunities for our team.”
MarineMax Chairperson of the Board Rebecca White said that the transaction was carefully considered and negotiated by the board and company management.
“Following a thoughtful and comprehensive process, the Board unanimously concluded that this transaction is in the best interests of MarineMax and its shareholders, and that the transaction price represents compelling and certain value for MarineMax’s shares,” White said.
More on the two companies
Via its website, Safe Harbor Marinas said it is the world’s largest marina owner and operator with 139 locations across the United States, eight on the Mediterranean coast of France and one each in the Caribbean, Monaco and Costa Rica. Locally, the company operates a marina at Lewisville Lake. In addition to its marinas, the company also offers extensive services for boats and yachts.
According to Intelligence 360, Safe Harbor plans a 6,500-square-foot expansion at its Dallas headquarters on Preston Road at an estimated investment of $1.1 million, set for completion in May 2027.
MarineMax operates more than 120 locations, including more than 70 dealerships and 65 marina and storage facilities. According to the company website, MarineMax has two locations in North Texas, both in Lewisville: a watercraft sales and service center and a yacht dealership.
The acquisition is subject to customary closing conditions, including certain regulatory approvals and the approval of MarineMax shareholders. It is not subject to a financing condition; Blackstone Infrastructure has committed the equity needed to close. If MarineMax terminates the agreement to accept a superior offer, or in certain other circumstances, it would owe Safe Harbor a $31.65 million termination fee. Either party can walk away if the deal has not closed by May 9, 2027, a deadline that can be extended twice by three months each to allow for regulatory review.
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