Blackstone completes acquisition of Safe Harbor Marinas
Blackstone has completed the acquisition of Safe Harbor Marinas, the largest marina and superyacht servicing business in the United States, from Sun Communities for $5.65bn.
The acquisition was first announced on 24 February 2025.
“We’re pleased to close this transaction and look forward to working with Safe Harbor’s terrific team to further develop their existing marinas and strategically scale their platform,” says Heidi Boyd, a senior managing director in Blackstone’s infrastructure business.
Sun Communities purchased Safe Harbor in 2020 for $2.11bn amid a surge in boating interest during the pandemic.
Baxter Underwood, chief executive of Safe Harbor, says: “Blackstone offers a world of opportunity to Safe Harbor, and we couldn’t be more excited for the journey ahead. “We are eager to pursue growth opportunities while maintaining our people-first culture and strong relationships with the local communities in which we operate, and we thank Sun Communities for its partnership over the past five years.”
Financial advisors to Blackstone Infrastructure for the transaction were Wells Fargo, J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC. Legal advisors included Gibson, Dunn & Crutcher LLP and Simpson Thacher & Bartlett LLP.
The deal is expected to generate approximately $5.5bn in pre-tax proceeds for Sun Communities after transaction costs. The company says it plans to use the funds for debt reduction, shareholder distributions and reinvestment in its core businesses, which focus on manufactured housing and recreational vehicle communities.
Blackstone Infrastructure invests in large-scale assets across energy, transportation, digital infrastructure and water and waste infrastructure sectors. Safe Harbor owns and operates 138 marinas across the US and Puerto Rico and is a leading operator in boat storage and servicing.
