Activist hedge fund Donerail and private investment major Blackstone are among the investment firms competing in the final round of bidding for US yacht retailer MarineMax, according to a report by Reuters citing unnamed people familiar with the matter.
Private equity firm Centerbridge is also participating in the final stage of the sale process for the Clearwater, Florida-based company, the sources said.
MarineMax, which has a market capitalisation of approximately $725m, operates a network of 65 marinas and storage facilities and around 70 dealerships, primarily across the US. The company serves affluent customers and has attracted heightened interest as marina assets have become an increasingly popular target for investors.
Activist investor Donerail began pressing MarineMax last year to explore a sale or replace its chief executive, adding to pressure that had already built after Levin Capital called on the company in 2024 to consider strategic alternatives.
MarineMax has since taken steps to address investor concerns, including changes to its board, but has not publicly confirmed that it is running a formal sale process.
Reuters reported in February that Donerail had submitted an all-cash proposal valuing MarineMax at approximately $1bn. The activist investor subsequently increased its offer, while other potential buyers, including Blackstone, entered the process after MarineMax began formally seeking interest from prospective acquirers in April.
The sale process comes amid growing private equity and infrastructure investor interest in marinas and superyacht-related services.
Blackstone has already built a significant presence in the sector through its infrastructure business, which acquired Safe Harbor Marinas for $5.7bn in 2025. Stonepeak, another major infrastructure investor, acquired marina owner and operator Southern Marinas in April.
MarineMax shares were trading at around $33.30 at midday on 24 July, up approximately 37% since the start of the year. However, the stock remains around 50% below its record high reached in May 2021.
