VIDEO: Suntex acquires 11 Loggerhead marinas in FloridaPosted on Written by Ed Killer
JUNO BEACH, Fla. — Suntex Marina Investors LLC said Tuesday that it acquired 11 Loggerhead marinas in coastal Florida, making it the largest marina owner and operator in the Sunshine State.
The purchase brings 2,300 wet slips and more than 3,000 dry stack storage spaces to a Suntex Marinas portfolio that includes 43 marinas in 12 states from Texas to Massachusetts.
Suntex purchased the marinas from Seven Kings Holdings. Ten of the marinas are on Florida’s Atlantic Coast in Daytona Beach, Vero Beach, Jupiter, Palm Beach Gardens, Riviera Beach, Lantana, South Lantana, Hollywood, Aventura and South Miami. The company also bought the Loggerhead marina in St. Petersburg on Florida’s Gulf Coast.
“The Loggerhead marinas greatly expand our ability to offer our Suntex customers access to prime marina locations and amenities throughout the state of Florida,” Suntex founding principal Bryan Redmond said.
Suntex Marinas also owns Marina Jack in Sarasota and Snook Bight in Fort Myers. It also leases and is renovating a marina in Fort Lauderdale. The Loggerhead marina in Stuart was not part of the purchase. Specifics of the deal were not disclosed, although Suntex principal investor Mitchell Jones said the transaction was in the “hundreds of millions of dollars.”
“We as a company have been strategically looking at the Florida marketplace,” Jones said. “The great assets we saw were sitting inside this portfolio of properties. There were other marina properties, but none where you could own 11 marinas.”
Jones said one of the influential factors for completing the deal was that each of the 11 newly acquired marinas was designated a Clean Marina through a program initiated by the Florida Department of Environmental Protection.
“Not only are they a perfect complement to our existing marina portfolio, they share our deep and driving commitment to the environment and clean, responsible boating,” Jones said. “There were no ‘Cs’ in this portfolio; only A-minus and B-plus properties. Still, we have about $15 million we are going to put to work right away to improve these sites.”
Suntex may not be finished acquiring other marinas in Florida. Locations in Broward, Miami-Dade and Martin counties could soon be added to its holdings. The company also said it plans to keep the Loggerhead Marina logo and to carry it forward with future marketing.
“Suntex is renowned for offering the finest facilities in the industry,” Seven Kings/Loggerhead Marina president Raymond Graziotto said. “For a long time, we thought the industry should roll up. And we really liked what Suntex had to say and were the perfect guys to take the assets that we had. We’re not leaving the industry. We’re building a mega-slip facility in Dania Beach on the cutoff canal with 25 100-foot slips.”
Tuesday’s announcement was not just about the growth of a boating business dedicated to customer service. With its relationship to seller Loggerhead Marinas and parent company Seven Kings Holdings, Suntex also wanted to make a statement of commitment to environmental stewardship.
The acquisition announcement was hosted at the Loggerhead Marinelife Center in Juno Beach, where Suntex founder and president Johnny Powers and Jones presented center president Jack Lighton with a donation of $400,000 toward the center’s capital expansion fund.
“We are honored to receive such a sizable donation from Suntex Marinas,” Lighton said in a statement. “As a non-profit organization, our vital work is dependent on the generosity of companies like Suntex Marinas. What is even more important for the environment is that Suntex is spreading our message beyond our location and applying our Responsible Boating Initiative to all of its properties. As a conservationist, the greatest gift you can receive is to be joined by others equally dedicated to your cause.”