Southern Marinas announces recapitalization by Stonepeak

Southern Marinas © Ashley Staples

Southern Marinas (or the "Company"), a premier owner and operator of marinas in the United States, announced a successful recapitalization, effectuated as a sale by affiliates of KSL Capital Partners, LLC ("KSL") to Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets.

Founded in 2018, Southern Marinas owns and operates a diversified portfolio of 16 marinas strategically located across eight U.S. states, including Florida, Idaho, Missouri, New Jersey, New York, North Carolina, Tennessee, and Washington. The Company's core storage business is comprised of more than 6,700 slips and is complemented by a range of ancillary operations, including fuel, boat rentals, and service. Southern Marinas announced the most recent addition to its portfolio today, with the acquisition of F3 Marina, a 59,000-square-foot facility in Fort Lauderdale, Florida. Led by a seasoned management team with more than 75 years of combined experience in marina acquisition and management, Southern Marinas has established a strong reputation as a reliable provider of marina infrastructure for its customers.

"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," said Mitchell Jones, Co-Founder & Chairman of Southern Marinas. "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."

"This transaction reflects our strong conviction in the resilience and long-term fundamentals of the U.S. marina sector," said James Wyper, Senior Managing Director, Head of U.S. Private Equity, and Head of Transportation & Logistics at Stonepeak. "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," added Daniel Raubolt, Principal at Stonepeak.

"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," said Kirk Adamson, Partner at KSL. "We are proud of what has been built alongside the Southern Marinas team and are confident in the continued growth of the U.S. marina sector."

Additional terms of the transaction were not disclosed, and the transaction has already closed. PJT Partners served as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to Stonepeak. Lazard Frères & Co. served as financial advisor and Hogan Lovells served as legal counsel to Southern Marinas and KSL.