05:54 PM EDT, 07/09/2024 (MT Newswires) -- Island Capital Group on Tuesday made an open proposal to acquire up to a 100% interest in MarineMax's ( HZO ) Island Global Yachting and yachting and marina-related services businesses.

Island Capital Group sold Island Global Yachting to MarineMax ( HZO ) in 2022, though the deal hasn't "enhanced MarineMax's ( HZO ) valuation or provided any meaningful uplift to the company's share price," Island Capital Group Chief Executive Andrew Farkas said in an open letter to MarineMax ( HZO ) shareholders.

Farkas also said the businesses it's proposing to acquire are "not a key focus" of MarineMax's ( HZO ) management. "Based on publicly available information, we believe that this portfolio of assets is not adequately valued by the public market and thus has added no value to you as shareholders," Farkas wrote.

A sale of the businesses would provide "a substantial amount" of cash for MarineMax ( HZO ) at a time when its core business is under pressure, Farkas said.

MarineMax ( HZO ) didn't immediately respond to MT Newswires' request for comment.

The company's shares were up 4% in after-hours activity.

Price: 31.56, Change: +1.20, Percent Change: +3.95