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A fresh wave may be forming in the marine retail sector as Donerail to acquire MarineMax emerges as the headline in a proposed $1.1 billion takeover bid.

Investor and adviser The Donerail Group, guided by Olshan Frome Wolosky LLP, confirmed Tuesday that it has submitted a nonbinding proposal to purchase boat and yacht retailer MarineMax. The target company is represented by Sidley Austin LLP.

Under the indicative offer, Donerail said it is prepared to buy all outstanding shares of MarineMax for $35 per share in cash. The proposal represents a 38% premium to the company’s 60-day volume-weighted average stock price, according to a statement.

Premium Pitch to Shareholders

Donerail, already one of MarineMax’s largest shareholders with more than 4% of its outstanding shares, described the offer as a path to immediate and certain value.

“Our all-cash proposal to acquire MarineMax for $35.00 per share delivers immediate and certain value to MarineMax shareholders at a meaningful premium,” managing partner William Wyatt said. He added that the transaction would give investors a compelling opportunity to unlock the full value of their holdings in a single step.

Wyatt said Donerail’s team has extensive familiarity with both MarineMax and the broader marine industry, and stands ready to move quickly into confirmatory due diligence.

Financing in Place, Pending Review

Equity and Debt Support Secured

The Donerail Group stated it has obtained “highly confident” equity and debt support letters from alternative investment firms. The financing would fund the proposed acquisition and refinance MarineMax’s existing indebtedness, excluding floor plan financing.

MarineMax, which trades on the New York Stock Exchange, operates as a recreational boat and yacht retailer, marina operator and superyacht services provider. The company maintains more than 120 locations globally, including 70 dealerships and over 65 marina storage facilities, according to a separate statement issued Tuesday.

The company confirmed receipt of the takeover proposal and said its board of directors will evaluate the offer.

“MarineMax’s board of directors remains focused on creating value for shareholders and other stakeholders,” the company said. “Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisers, the board will carefully review and evaluate the indication of interest and determine the course of action the board believes is in the best interests of MarineMax and its shareholders and other stakeholders.”

No Deal Yet, No Guarantees

Donerail emphasized that its proposal is nonbinding and that there is no assurance a transaction will materialize. The firm said it does not intend to provide further updates unless circumstances warrant.

The Olshan legal team advising Donerail is led by co-managing partner Andrew Freedman. MarineMax’s counsel at Sidley Austin is headed by partners David Grubman and Adam Cromie.

For now, the proposal remains an opening salvo — a high-stakes overture in a sector where tides can shift quickly. Whether the deal sails forward or stalls at the dock will depend on the board’s review and the negotiations that may follow.