Suntex, Centerbridge announce joint venture in marina acquisitions | Boating Industry
Suntex Marina Investors, LLC and Centerbridge Partners, L.P. announced that they 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. These funds will be used to support new acquisitions and capital improvements at newly acquired facilities, as well as for several development projects across the United States.
“We’re thrilled to close on this joint venture to usher in new growth for Suntex Marinas,” said Bryan Redmond, CEO, Suntex Marinas. “While our team continues to increase our interest in new acquisitions, a portion of these funds are going to be dedicated towards re-development and enhancement of new marinas as well. We have an incredible opportunity to further grow our network from coast to coast and improve upon the Suntex experience. We are confident that our guests will enjoy what we have in store.”
The day-to-day operations of the joint venture will be managed by Suntex, for which it will receive customary fees. The transaction further expands Suntex’s partnership with Centerbridge, which first invested in the Company in 2021. In connection with the transaction, the Joint Venture also closed on a revolving credit facility of up to $600 million, which was led by Wells Fargo Bank and included Bank of America, Truist Bank, BMO Bank and First Horizon Bank.
“The marina industry has shown consistently strong fundamentals for many years, as enthusiasts have invested in more and bigger boats while the availability of high-quality marinas and boat storage remains scarce,” said William Rahm, Chairman, Suntex Marinas, and Global Head of Real Estate, Centerbridge Partners. “Bryan and the Suntex team have a demonstrated track record of acquiring quality properties, enhancing operations for customers and adding value through accretive capital investments. We’re thrilled to expand our partnership.”
“We’ve witnessed firsthand the Suntex team’s ability to deliver exceptional experiences for customers and significant returns for investors. Suntex is extremely well positioned to capitalize on tailwinds in the marina and broader leisure and storage markets, and we look forward to building on our partnership to bring the Company’s best-in-class model to even more marinas across the U.S.,” added Matt Dabrowski, Senior Managing Director, Centerbridge Partners.
