MarineMax, Inc. (MarineMax, the company) has issued a statement in response to the recent public letter to shareholders from The Donerail Group, Inc. (together with its affiliates, Donerail, the firm).
“MarineMax maintains an active and ongoing dialogue with many of its shareholders, including Donerail,” the company said in its statement. “In fact, just a few weeks ago, Donerail itself affirmed in a private letter to our Board of Directors (the Board) that Donerail has ‘engaged extensively with the management team and the [Board]’ and has ‘appreciated’ that engagement. Our engagement with Donerail has included in-person meetings, including a site visit to our Clearwater, Florida operations, and a meeting with the Independent Chairperson of the Board.”
Following Donerail’s recently announced unsolicited indication of interest to acquire MarineMax, Inc. (Indication of Interest), the company said it promptly responded to Donerail with customary questions aimed at facilitating the Board’s evaluation of Donerail’s interest, funding sources and execution certainty. The company said the Board is committed to evaluating any credible proposal that has the potential to enhance value and, with the assistance of independent financial and legal advisors, will continue to carefully review Donerail’s Indication of Interest in good faith, consistent with its fiduciary duties.
MarineMax said in its statement that “Donerail’s claim that MarineMax has ‘not offered any productive engagement’ is patently false” and said the company is “disappointed that Donerail would ignore the Board and management team’s track record of collaborative dialogue, which Donerail itself has privately acknowledged and commended.”
The company continued, “Further, we strongly disagree with many of the other assertions and analyses contained in Donerail’s letter. Like other companies in the outdoor recreation industry, MarineMax has been impacted by external macroeconomic factors including softer retail demand, higher interest rates, tariff uncertainty and geopolitical instability. Despite these headwinds, we have continued to deliver solid operating results, strengthen our balance sheet and invest in initiatives that enhance value for our shareholders. This disciplined execution has translated into total shareholder return outperformance relative to our closest peer, OneWater Marine, Inc., over the past one-, two-, three-, four- and five-year periods— a fact that Donerail has inexplicably (and conveniently) chosen to overlook.” The company cited Bloomberg data as of January 30, 2026, the last trading day before market rumors about the Indication of Interest.
Additionally, the company stressed that the Board is unanimous in its support for MarineMax CEO Brett McGill.
“Since he was appointed CEO in 2018, Mr. McGill has successfully transformed MarineMax into the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company,” the company noted. “Under Mr. McGill’s leadership, MarineMax has more than doubled revenue and Adjusted EBITDA, maintained resilient gross margins above 30 percent for 21 consecutive quarters and expanded strategically into new markets and higher-margin services, marinas and superyachts. These efforts have resulted in a more diversified, resilient and growth-oriented business.”
MarineMax said it also remains firmly committed to thoughtful and ongoing Board refreshment, ensuring the right balance of skills, experience, and diverse perspectives to guide the company’s strategy and oversight.
“Since 2021, the Board has appointed five new independent directors, including, most recently, Daniel Schiappa, a seasoned technology and cybersecurity executive, and Odilon Almeida, an experienced global payments software and solutions CEO. Furthermore, since 2024, seven directors have transitioned off the Board,” the company stated.
The company said the Board is focused on strengthening MarineMax’s product and service portfolio, investing in higher-margin initiatives, improving operational efficiency, enhancing the company’s financial profile, and delivering exceptional customer experiences.
“The Board is confident that the reelection of Mr. McGill, and each of the Board’s nominees, at MarineMax’s 2026 Annual Meeting will support the successful execution of these initiatives and advance the best interests of all shareholders,” it concluded.
Image courtesy Marine Max
