MarineMax, Inc. the world’s largest recreational boat and yacht retailer, announced today that it has entered into an agreement to acquire Intrepid Powerboats out of Long Boat Key in Florida. MarineMax expects the acquisition to close before December 31, 2021. An award-winning maker of custom boats, Intrepid follows a direct-to-consumer distribution model and produced revenue in excess of $60 million in the last twelve months.
PORT 32 a collection of marinas across Florida has announced a major expansion of its capacity in Fort Lauderdale. The expansion will consist of a new drystack containing approximately 700 slips which will be able to house boats up to 55 feet. The dry rack systems will be built to sustain wind loads of up to 175 mph and will be fully equipped with a fire suppression system. PORT 32 Fort Lauderdale will also include a service boatyard with a 150 metric ton travel lift and with enclosed and climate controlled commercial service and office bays available for lease to marine contractors and vendors.
The Bahamian government this week announced that it has sold the historic Lighthouse Yacht Club and Marina to a collection of local marina and hotel developers. Heavily damaged by Hurricane Matthew in 2016, the sale to an entirely Bahamian consortium of investors creates the opportunity to restore and reopen the property and has been applauded as a win for the local community.
Integra Investments announced this week that it had finalized the deal to acquire Sea Isle Marina from Florida East Coast Realty, LLC, the original developer of the property. Integra, which has a marina investment arm of its portfolio, did not disclose the purchase price. It has retained Oasis Marinas to manage the property. Here's what to know about the sale...
Suntex recently announced its acquisition of Faro Blanco, a 74 slip marina in Marathon, Florida accommodating vessels between 35- and 140-feet. This is the first acquisition within Suntex's new partnership with Centerbridge Capital and Resilient Capital Partners and will add to its portfolio of marinas in California, Florida, Georgia, Iowa, Kentucky, Maryland, New Jersey, Oklahoma, Texas, Tennessee and Virginia. There's what to know about the acquisition...
We are at a watershed moment for the marina industry - one which will change the face of marina ownership and management for a generation to come. Marinas have always changed hands as owners round out their careers and decide to move on, but historically that change of ownership has been in the form of single purchases – local owner to local owner. Today, we’re entering into a new era of institutional capital and seeing a rise in investors that purchase marinas as part of a larger portfolio of properties. Sale or no sale, that has ramifications for all of us.
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