Safe Harbor has been sold… again

It’s hard to find a boating community without a Safe Harbor Marina. Since beginning operations September 2015, the Dallas-based company had been on an aggressive acquisitive path, and today own and operate 138 marina and service centers across the U.S. and Puerto Rico. And now Safe Harbor has been sold… again.

Blackstone Infrastructure is the new owner after an all-cash transaction for $5.65 billion. The American investment management company bought the yacht business from Sun Communities which had become owner in September 2020 for $2.11 billion.

“Marinas benefit from key long-term thematic tailwinds including the growth of travel and leisure as well as population inflows into coastal cities,” said Blackstone’s Heidi Boyd. “We believe Safe Harbor is the best positioned company in this sector, and we look forward to working with their terrific team to invest behind their existing marinas and to expand their footprint.”

Sun Communities is a real estate investment trust involved in manufactured housing and recreational vehicle communities.

Jeff Blau, Chair of Sun’s Capital Allocation Committee, commented: “This transaction allows Sun to focus on our core businesses which operate at high margins and produce durable income streams, and we are confident they will continue to deliver strong, consistent long-term growth. Safe Harbor has been an outstanding performer for Sun, and this sale allows us to realize substantial value from our investment, while positioning the Company for future growth and enhanced return opportunities for our stakeholders.”

Is it good for vital needs of the boating community to be owned by a single entity?