Two people with knowledge of the matter said that Blackstone and Donerail were among the last bidders for MarineMax. The recreational yacht retailer is currently exploring the possibility of selling itself. The two, as well as private equity firm Centerbridge, are in the final round of bidding for the Clearwater, Florida-headquartered company, said the sources who are not permitted to discuss private deliberations. MarineMax, with a market valuation of?around $725 million, serves wealthy clients through 65 marinas, 70 dealers, and storage facilities, mostly located in the U.S. The marina industry has been attracting a lot of interest, especially at a period when it is a very popular investment. Donerail started pushing MarineMax last year to sell or replace its CEO, increasing pressure on the company. Levin Capital 2024 had urged management to evaluate strategic alternatives.
MarineMax, Blackstone and Donerail representatives declined to comment. Centerbridge's representative did not respond immediately to a request for comment. Centerbridge has taken steps to address the concerns of investors who are disgruntled, such as replacing some board members, but it has never acknowledged publicly that a sale process was in place, even when reporting quarterly earnings on Thursday. Donerail reportedly made an all-cash bid in February, valuing MarineMax at about $1 billion. Donerail then increased its offer. Other buyout firms, including Blackstone, jumped in the mix when the company began formally soliciting buyer interest.
