Suntex, Centerbridge Announce Joint Venture To Acquire New Marinas
Big news this morning in the world of serious buyers who want to acquire marinas in Florida and other major boating and yachting states in the country.
Suntex Marina Investors (Suntex) and Centerbridge Partners (Centerbridge) today announced that they are forming a joint venture to begin investing in marina acquisitions and marina redevelopment projects in several “high-growth markets” across the U.S.
According to the official press release, Suntex and Centerbridge “have established a joint venture backed by Centerbridge-affiliated funds and global institutional investors to acquire over $1.25 billion in new marinas across the United States.“
Suntex and Centerbridge plan to use the funds to support new acquisitions and capital improvements at newly acquired marina facilities, as well as for several new marina development projects across the United States.
The announcement marks the second major step in the Suntex/Centerbridge partnership since the New York and Miami-based private equity firm made its initial investment in Suntex Marinas in 2021.
Suntex Marinas Expanding Presence Nationwide
While the official press release does not delve deeper into the “high-growth markets” where the $1.25 billion will be focused, it is safe to assume the partnership will be expanding in states where Suntex is already operating world-class marinas.
Dallas-based Suntex currently operates marinas in 15 states with the highest concentration of marinas under management in the coastal states of California, Florida, Georgia, New Jersey and Texas.
Some of the higher profile names in the Suntex Florida portfolio include Sunrise Harbor Marina and Las Olas Marina in Fort Lauderdale, Miami Beach Marina and Bayshore Landing in Miami, Caloosa Cove Marina in Islamorada, and Garrison Bight Marina, the only full-service marina in Key West.
The most recent marina acquisition in Florida for Suntex was closer to Tampa when the company acquired Mariner’s Cove Marina in Gulfport. The popular dry-stack marina on Boca Ciega Bay is minutes from the Gulf of Mexico.
Prior to the Mariner’s Cove acquisition, Suntex planted its first flag in the Florida panhandle with the acquisition of Legendary Marina in Destin. Legendary is one of the largest dry storage facilities in the country with over 180,000 square feet to accommodate 780 boats up to 53 feet in length.
Contact CII Today
If you own an established marina or marine services business in Florida or Georgia and would like to get a better understanding of the current market value of your company and important steps you can take today to maximize that value, get in touch with a CII business advisor today.