With unanimous approval from its board of directors, MarineMax is set to join Safe Harbor, becoming wholly owned. If the acquisition completes, MarineMax will revert to becoming a privately held company. Simultaneously, Safe Harbor will own two of the world’s leading yacht brokerage and charter companies as well as a collection of superyacht marinas.
According to a joint statement today from the companies, Safe Harbor is acquiring all issued and outstanding shares of MarineMax common stock. It’s an entirely cash transaction with a value of approximately $1.5 billion.
In May, unnamed sources told Reuters that the company had begun seeking bids the prior month. In July, Reuters also reported that Blackstone, Safe Harbor’s parent company, was among the final bidders vying for the business. Representatives for MarineMax and Blackstone each declined to comment at that point. However, the joint statement from today acknowledges that a different, unrelated party made an unsolicited, non-binding proposal to buy MarineMax in February.
“Throughout this process, we have remained focused on maximizing value for our shareholders and positioning MarineMax for continued growth and success,” says Brett McGill, MarineMax’s CEO and president. He notes that the company’s diverse yacht and superyacht holdings complement those of Safe Harbor. “The scale of our combined platforms will help us enhance and expand our offerings,” McGill explains. That scale additionally will benefit customers, he says.
Baxter Underwood, Safe Harbor’s CEO (above), agrees. “MarineMax has a talented team and deep relationships across the industry,” he says. “We can create greater value for boaters and an expanded service offering for the industry.”
If the deal passes regulatory approval and a special shareholders vote, it should close by the end of this year.
MarineMax’s portfolio includes more than 70 dealerships and 65 marina and storage sites. In the superyacht sector, it owns Fraser Yachts, Northrop & Johnson, and IGY Marinas. It further owns the production boatbuilders Cruisers Yachts, Intrepid Powerboats, and Aviara. Safe Harbor, meanwhile, owns and operates nearly 150 marinas and shipyards globally. They include service and refit yards, too, such as Monaco Marine, Savannah Yacht Center (top), and most recently Front Street Shipyard.
MarineMax marinemax.com
Safe Harbor safeharbor.com
John Pardi
When are they going to buy West Marine so they have a retail group to supply all those yachts????