TopSide Marinas expands portfolio with acquisition of Bay Marine
by TopSide Marinas 4 Jun 2024 16:49 PDT
Bay Marine of Chicago © Mekky Media Relations
TopSide Marinas, a family-owned company that acquires and operates high-quality marinas around the country, recently announced the acquisition of two marinas on the scenic shores of Lake Michigan, including Bay Marine of Sturgeon Bay and Bay Marine of Chicago.
Previous owners, Matt and Mark Felhofer, will continue to own and operate Bay Marine Yacht Sales, which will leaseback showroom and office space at both locations. These two marinas are both well-established and highly sought-after destinations for boat owners and enthusiasts. With this acquisition, TopSide Marinas now owns and operates a total of 10 marinas across six states.
Bay Marine of Sturgeon Bay was established in 1965 as a family-owned and operated marina, spanning 16 acres with 100 wet slips, 115,000 square feet of inside storage, a service shop and captain's lounge. The marina's wet slips at the former Sturgeon Bay Yacht Harbor were recently renovated in 2022, now offering the highest quality wet slips in the area.
Bay Marine of Chicago was built in 2016 and is in Waukegan, Illinois, less than a mile from TopSide's other marina, the historic 91-year-old Larsen Marine. Bay Marine of Chicago serves the Chicago and Milwaukee markets, providing 40,000 square feet of inside storage, 7,000 square feet of office space, and a comprehensive service operation.
"With the acquisition of Bay Marine service, storage, and marina operations, TopSide Marinas will now be running two of the finest marinas and boatyards in the Great Lakes," said Ryan Skiles, Regional Vice President of Operations at Topside Marinas. "Bay Marine's Waukegan facility is an outstanding service and storage facility with deep water access to the downtown Chicago harbors. Bay Marine of Sturgeon Bay Yacht Harbor facility was completely remodeled in 2022, which brought one of the Great Lake's most historic marinas back to the prominence it had in the 1950's. The acquisition of Bay Marine reinforces TopSide's mission of fostering a high-quality environment where our members and guests can create lifelong memories while maintaining an enjoyable waterfront experience for the avid boating communities in Wisconsin and Illinois."
"This is an exciting transition for Bay Marine and our entire team of over forty employees in the Midwest," said Matt Felhofer, President of Bay Marine Yacht Sales. "The marine industry has seen dramatic consolidation over the past several years and TopSide Marinas presented a unique opportunity for us to bring in a partner that has the knowledge, expertise, and capital to take our existing service, storage, and marina businesses to the next level while allowing our sales team to focus on growing our key brands throughout the Great Lakes market."
"Matt and Mark Felhofer have built an impressive business at these two outstanding locations. We regard them highly and are excited to partner with them as they grow Bay Marine Yacht Sales to one of the largest yacht brokerage firms in the region." said Jacob Boan, Cofounder and Chief Investment Officer of TopSide Marinas.
TopSide Marinas is continuing its focus on expanding their footprint in key destinations across the country. By leveraging its expertise in property management and top-notch customer service, TopSide Marinas aims to elevate each marina's offerings while preserving their unique charm and character. In addition to these two recent acquisitions, TopSide Marinas also owns and operates marinas across the country including: April Plaza Marina, Beavers Bend Marina, Cape Fair Marina, Hideaway Marina, Galveston Yacht Marina, Larsen Marine, North Point Marina and Rock Creek Marina.