Real assets fund manager Stonepeak has acquired US marinas owner Southern Marinas from KSL Capital Partners for an undisclosed sum.
Founded in 2018, Southern Marinas owns and operates a portfolio of 16 marinas across eight US states, including Florida, Idaho, Missouri, New Jersey, New York, North Carolina, Tennessee and Washington.
The company’s core storage business consists of more than 6,700 slips alongside a range of ancillary operations, including fuel, boat rentals and service.
James Wyper, senior managing director, head of US private equity, and head of transportation and logistics at Stonepeak, said: “This transaction reflects our strong conviction in the resilience and long-term fundamentals of the US marina sector.”
Daniel Raubolt, principal at Stonepeak, said: “The Southern Marinas team has built a best-in-class platform with a strong operating track record, and we look forward to partnering with the team to support the next phase of growth.”
Mitchell Jones, co-founder and chairman of Southern Marinas, said: “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.
“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.”
Kirk Adamson, partner at KSL, said: “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 centered 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.”
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