Suntex Marina Investors gets backing for new acquisitions - Trade Only Today

Suntex Marina Investors gets backing for new acquisitions

Suntex Marina Investors said it raised more than $200 million of equity commitments.
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Suntex Marina Investors LLC, an owner and operator of marina properties, said it raised more than $200 million of equity commitments in a series of private placement transactions.

Suntex also acquired the assets and personnel of Suntex Waterfront Advisors, a manager of marina properties.

Suntex said the combination of equity commitments and third-party debt financing will provide it with more than $500 million of buying power to acquire domestic marinas.

The company also said Westrec Marinas president Bill Anderson joined the Suntex board and brings with him more than 30 years of marina industry experience.

Suntex said Westrec is the largest manager of marinas in the country, with such assets as the Harbour Towne Marina in Fort Lauderdale and the Holiday Marina on Lake Lanier in Georgia, as well as the management of the Chicago Harbors for the city of Chicago.

“We see Suntex as the primary consolidator in the industry, with a focus and culture very similar to our own,” Anderson said in a statement. “Suntex Marina Investors has an excellent leadership team that will provide the foundation for continued success in the marketplace.”

“With the completion of this capital raise, we are financially poised for rapid growth. Increasing our portfolio will not only benefit investors, but we are confident that by extending our high standards of customer service to additional marinas the boating public will also benefit from the Suntex approach: Improve the customer experience by offering superior hospitality services that are unique in the marina industry,” Suntex CEO Johnny Powers said.

Deutsche Bank Securities acted as the sole placement agent for the financing.

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