Stonepeak acquires Southern Marinas in recapitalisation deal
Southern Marinas has also acquired F3 Marina, a 59,000-square-foot facility in Fort Lauderdale, Florida. Image courtesy of Colliers
US-based marina operator Southern Marinas has completed a recapitalisation through a sale by affiliates of KSL Capital Partners, LLC to Stonepeak, an investment firm focused on infrastructure and real assets.
Founded in 2018, Southern Marinas owns and operates 16 marinas across eight US states: Florida, Idaho, Missouri, New Jersey, New York, North Carolina, Tennessee and Washington. Its core storage business includes more than 6,700 slips, along with fuel provision, boat rentals and service operations. It has also acquired F3 Marina, a 59,000 sq ft facility in Fort Lauderdale, Florida.
“With the close of this transaction, we are entering into an exciting new chapter as we look to further strengthen the business and propel our growth,” says Mitchell Jones, co-founder and chair of Southern Marinas. “Stonepeak brings deep infrastructure expertise, experience building scaled businesses, and a clear strategic perspective, and we are confident they will make an excellent partner as we continue to deliver for our customers.”
Financial terms of the deal were not disclosed, and the transaction has closed.
“This transaction reflects our strong conviction in the resilience and long-term fundamentals of the US marina sector,” adds James Wyper, senior managing director, head of US private equity, and head of transportation and logistics at Stonepeak.
Kirk Adamson, partner at KSL, comments: “Over the course of our partnership with Southern Marinas, we helped the company expand its footprint to 15 marinas and built a scaled, institutional-quality platform centred on well-located marinas offering high-quality boating experiences.
“We are proud of what has been built alongside the Southern Marinas team and are confident in the continued growth of the US marina sector.”
PJT Partners acted as financial advisor and Simpson Thacher & Bartlett LLP acted as legal counsel to Stonepeak, while Lazard Frères & Co. acted as financial advisor and Hogan Lovells acted as legal counsel to Southern Marinas and KSL.
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