Second and third largest US marina operators merge
Suntex Marina Investors has joined forces with established marina management company, Westrec Marinas, creating a powerhouse in this sector.
Owners of Suntex Marinas, private equity firm Centerbridge Partners LP, says it is paying about US$400m for Westrec, which will be absorbed into Suntex Marinas. This will create a combined company with more than 50 marinas that is valued at US$2.5bn, making it the second highest valued US marina owner after Safe Harbor Marinas, according to The Wall Street Journal.
“Since partnering with Suntex in March 2021, we have worked to help accelerate the company’s continued growth,” says William Rahm, senior managing director and head of real estate at Centerbridge Partners and director on Suntex’s Board. “This transaction brings together two leading teams and businesses in the marina sector, where we continue to see significant growth opportunities to serve the increasing demand for boating and leisure activities.”
Bryan Redmond, CEO Suntex Marinas, comments: “Years ago, we realized the many synergies between Westrec Marinas and Suntex. Westrec Marinas’ vision of offering the best in customer service and amenities, along with a memorable experience out on the water, align perfectly with our vision. The most rewarding part of this merger is knowing we now have added another whole network of marinas who share our core values and together we are poised for a fantastic future.”
Founded in 1987, Westrec owns and manages marina facilities located both in fresh and salt-water environments, handling vessels ranging in size from personal watercraft to megayachts.
The Suntex portfolio includes marinas located in California, Florida, Georgia, Iowa, Kentucky, Maryland, New Jersey, New York, Oklahoma, Texas, Tennessee, and Virginia.
