[Corrected] Investor Slams MarineMax ‘Culture of Nepotism’

Hedge Fund in Showdown Next Month Over Control of Boating Behemoth

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The author is deputy editor of Marine Industry News, a U.K. based business-to-business outlet. This story was published earlier today and is reprinted here with permission. It has been updated to correct a Loose Cannon editing mistake about MarineMax building boats. It is a dealer. Sorry Anna.

By ANNA CUMMINS

Investment firm Levin Capital Strategies, a top 10 shareholder of MarineMax, has issued a statement calling on the company’s board of directors to initiate “an immediate review of strategic alternatives” after it refused to engage with a buyout offer earlier this month.

MarineMax is a top player in the U.S. marine market place, dealer for boats such as SeaRay, Boston Whaler, Aquila Power Catamarans and Azimut Yachts.¹ It aquired Island Global Yachting marinas in 2022 with IGY’s 23 locations in the U.S., Caribbean and Europe. It owns Fraser Yachts and Northrop & Johnson brokerages.

The company also operates Marine Max Vacations, a charter operation with an Aquila fleet.

The statement comes after US hedge fund Donerail Group—a major shareholder in the firm – offered to buy MarineMax for $35 per share in an all-cash deal worth around $1 billion. MarineMax swiftly rejected the buyout offer, calling it
“unsolicited.”

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Donerail then responded with a blistering open letter, calling out an entrenched “culture of nepotism” at MarineMax. The letter, signed by William Wyatt, managing partner at the Donerail Group, urges shareholders to vote against CEO Brett McGill’s re-election as a director at the company’s upcoming annual meeting on 3 March 2026. The letter says: “We deserve a board that acts like owners and not simply as caretakers of an eroding family legacy.”

Donerail says it has made numerous attempts to engage with the board, all of which have been “met with silence, procedural manoeuvring, and outright obstruction.”

Levin Capital, which owns over 3 percent of MarineMax stock, says it believes the MarineMax board is “obligated to rigorously explore all available paths to maximising shareholder value, including by engaging with Donerail following its recent submission of an all-cash offer.”

Levin Capital Statement

Levin argues that the $35 per share all-cash offer from Donerail is fully financed and represents a viable path forward, subject to customary due diligence.

The statement continues:

Levin Capital has consistently advocated for a value-maximization process at MarineMax, pre-dating the current interest. The firm believes further delay on the part of the board will force shareholders to hold directors accountable at future annual meetings.

In order to try to help MarineMax understand shareholders’ views and the opportunities at hand, Levin Capital has communicated its feedback directly to the company’s leadership. The firm is willing to continue to provide feedback and suggestions to support a timely, well-run review of strategic alternatives.

Showdown in March

MarineMax’s share price is up 8 per cent so far this year, supported by the company’s report last month that same-store sales increased 10 percent in the first quarter of fiscal 2026.

However, MarineMax shares have fallen 37 per cent in the past five years, while the broader S&P 500 index has gained 82 percent.

MarineMax shares rose to their highest level in a year after the news of Donerail’s proposed takeover was published.

The annual meeting on March 3, 2026 will give shareholders the chance to have their say. At the meeting, shareholders will vote on board composition, with three of the company’s seven directors, including CEO Brett McGill, standing for election.

Loose Cannon has a cooperative agreement with the folks at Marine Industry News, a media company based in Gosport, England.