In a game-changing move for the yachting and marina industry, Blackstone Infrastructure has announced the acquisition of Safe Harbor Marinas from Sun Communities for a staggering $5.65 billion. This high-profile deal underscores the immense growth potential in the marina sector and marks a significant shift in the landscape of superyacht services across North America.
A Strategic Investment in Boating and Leisure
Blackstone Infrastructure’s acquisition of Safe Harbor Marinas reflects a growing trend of investment in marine infrastructure, particularly in response to the increasing popularity of boating and superyacht travel. Heidi Boyd, Senior Managing Director at Blackstone, highlighted the reasoning behind the acquisition:
“Marinas benefit from key long-term thematic tailwinds, including the growth of travel and leisure as well as population inflows into coastal cities. 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.”
With a valuation at 21 times Safe Harbor’s estimated 2024 Funds From Operations (FFO), the purchase price signals robust investor confidence in the continued expansion and revenue potential of the marina industry.
Safe Harbor’s Rise to Dominance
Safe Harbor Marinas has built a reputation as the largest marina and superyacht service provider in the United States, managing an extensive network of 138 marinas across North America and Puerto Rico. Sun Communities, a real estate investment trust (REIT), originally acquired the company in 2020 for approximately $2.1 billion. The sale to Blackstone represents a substantial return on investment and provides Sun Communities with an estimated $5.5 billion in pre-tax proceeds, bolstering its financial flexibility for debt reduction and reinvestment into core business segments.
Gary Shiffman, Chairman and CEO of Sun Communities, reflected on the strategic success of the sale:
“We are very pleased with this transaction, which further accelerates Sun’s strategy to improve the company’s leverage profile and refocus on our core segments. I would like to thank the Safe Harbor team for their dedication and hard work throughout our four-year partnership. We anticipate that Blackstone will further Safe Harbor’s position as the leading marina and superyacht servicing business in the U.S.”
Blackstone’s Growing Influence in Infrastructure
Blackstone Infrastructure’s acquisition of Safe Harbor further solidifies its position as a dominant player in the infrastructure investment sector. The firm has witnessed a remarkable 40% expansion year-over-year, now managing approximately $55 billion in assets as of December 31, 2024.
The company’s portfolio extends beyond the marina sector, encompassing leading businesses in data centers, renewable energy, and logistics. Notable assets include:
- QTS – The largest data center provider in the United States.
- AirTrunk – The top data center platform in the Asia-Pacific region.
- Carrix – North America’s largest marine terminal operator.
- Invenergy – The leading private renewables developer in the United States.
The strategic expansion into the marina sector is a natural fit for Blackstone, given its expertise in high-growth industries and infrastructure-heavy investments.
Implications for the Superyacht Industry
The acquisition of Safe Harbor by Blackstone is poised to have widespread ramifications for the superyacht sector. With enhanced financial backing and infrastructure development, yacht owners, captains, and marine service providers can expect:
- Expanded marina facilities with state-of-the-art services.
- Increased investment in sustainability and environmentally friendly marina operations.
- Greater access to premium yacht maintenance and berthing options.
With the deal now set in motion, the global yachting community will be closely watching how Blackstone’s stewardship further elevates Safe Harbor’s market dominance. Wells Fargo served as the lead financial advisor to Blackstone Infrastructure, with legal counsel provided by Gibson, Dunn & Crutcher and Simpson Thacher & Bartlett.
As the marina industry continues to evolve, Blackstone’s ambitious acquisition reinforces a broader shift toward premium infrastructure investment in the world of luxury yachting.
