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.
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.