Skip to main content

Port 32 Marinas Announces Recapitalization

1_Port 32 image

Port 32 Marinas has announced the recapitalization of the company led by New York-based Fireside Investments.

Key members of management and several institutional investors, including funds affiliated with D1 Capital Partners and Makena Capital Management, also participated.

Following the recapitalization, Port 32 will own and operate four Sunshine State marinas located in Palm Beach Gardens, Fort Lauderdale, Tampa and Tierra Verde.

Upon completion of the redevelopment underway in Fort Lauderdale and its Palm Beach Gardens redevelopment, the company will own and operate approximately 2,270 dry and wet slips and more than 115,000 square feet of commercial tenant space across its initial portfolio.

“This transaction will provide us with capital to accelerate our program of acquiring and developing the highest quality marinas in our target markets, will allow us to continue to invest in our operating platform to support our commitment to provide our customers with a high level of service quality, and will strengthen our competitive positioning in the sector," Port 32 founder and CEO Joe H. Miller, IV, said in a statement.

2_Port_32_logo

The company will also manage three marinas in Charleston, S.C. — The Harborage at Ashley Marina, Shem Creek Marina and Ripley Light Marina.

"Fireside is excited to partner with management to continue building a best-in-class marina company and capitalize on the attractive opportunities we see in the sector," added Jonathan Langer, founder and managing member of Fireside.

Related

1_TRAVELIFT.COOP

Marine Travelift Launches Co-op Program

The company received its first student, a University of Wisconsin engineering major, in the seven-month paid co-op.

1_JULY4

Trade Only Today Returns Tuesday

The e-newsletter will not publish July 4 in observance of Independence Day. We wish everyone a safe holiday weekend.

1_ORR.FUNDS

ORR Announces Federally Funded Projects

The U.S. Economic Development Administration prioritized outdoor recreation for the first time

Norm#4

Ten Ways To Sell in a Tough Economy

These keys to successful selling can help you create customers who keep coming back, even when sales dip

1_ASA.BOARD

ASA Names New Board Members

The American Sportfishing Association filled two at-large seats and two regional seats on its board of directors.

1_EXEC.SEARCH

Dammrich, Hopkinson Partner With Marine Resources Recruitment

The industry veterans will help clients fill executive-suite, marine industry job openings around the world.

1_PULSE.PING.0630

DEALERS: How Was Business in the First Half of 2022?

With the second quarter coming to a close, was there parity between the budget and financial performance in the first six months? Take the Pulse Report survey here.

1_PMMPODCAST

Passagemaker Relaunches Podcast

Trawler Talk aims to connect with those who are interested in the cruising lifestyle, with episodes dropping every other week