$1.5 Billion! Blackstone's Marina and Superyacht Services Company Safe Harbor Acquires Peer MarineMax

On August 10, Safe Harbor Marinas, the largest marina and superyacht services company in the United States, owned by private equity giant Blackstone, announced it will acquire all issued and outstanding common shares of peer MarineMax at a cash price of $53 per share, with a total transaction value of approximately $1.5 billion, including debt.

MarineMax is one of the world's largest retailers of recreational boats and yachts, also operating marinas, superyacht services, and boat manufacturing. It owns and operates 65 marinas and boat storage facilities globally, along with over 70 retail dealerships. The company is headquartered in Clearwater, Florida.

Founded about 40 years ago, MarineMax went public on the New York Stock Exchange in 1998 (ticker: HZO). In the third quarter of fiscal 2026 ended June 30, due to persistently weak retail demand in the recreational boat market, the company's revenue declined 7% year-over-year to $611.3 million, with same-store sales also down 7%. However, profitability moved in the opposite direction: gross profit increased 9.2% to $218.1 million, and gross margin improved from 30.4% to 35.7%, attributed to improved margins on new and used boats, optimized business mix, and growth in high-margin segments such as superyacht services, marinas, and parts and maintenance. Tariff rebates also contributed approximately 110 basis points to the gross margin improvement.

Following the acquisition announcement, as of the close on August 11, MarineMax's stock price rose 0.65% from the previous trading day to $52.46 per share, with a current market capitalization of approximately $1.156 billion. After the completion of Safe Harbor's acquisition, MarineMax will be taken private and delisted.

According to the press release, the MarineMax assets involved in this transaction include:

• Premium marina operator: IGY Marinas;
• Yacht brokerage services: Fraser, Northrop & Johnson;
• Boat manufacturers: Cruisers Yachts (high-end sport yachts, motor yachts, and Aviara day boats), Intrepid Powerboats (powerboats).

Safe Harbor Marinas was founded in 2015, initiated by private equity firm American Infrastructure Funds, and was formed through the acquisition of multiple marina portfolios and a management company. Currently, the company owns and operates over 150 marinas globally.

During its development, Safe Harbor has undergone two major equity changes:

• In 2020, real estate investment trust (REIT) Sun Communities acquired a majority stake for approximately $2.11 billion;
• In February 2025, Blackstone's infrastructure fund Blackstone Infrastructure acquired it for $5.65 billion in cash.

Safe Harbor's acquisition of MarineMax is still subject to approval by MarineMax shareholders and regulatory authorities, with the transaction expected to close by the end of 2026. Upon completion, the two companies will merge to create a larger network of marinas, dealerships, and services for boat and yacht owners.

| Source: Official press release, superyachttimes, company website

| Image credit: Official Instagram