Suntex Marinas yesterday announced a joint venture with Centerbridge Partners to acquire $1.25 billion in marinas across the United States.
Funds from the partnership will be used to support acquisitions and capital improvements at newly acquired facilities, as well as for several development projects. Suntex will manage the day-to-day operations of the joint venture.
The two companies also closed on a revolving credit facility of up to $600 million, which was led by Wells Fargo Bank and included Bank of America, Truist Bank, BMO Bank and First Horizon Bank.
“We’re thrilled to close on this joint venture to usher in new growth for Suntex Marinas,” CEO said Bryan Redmond said in a statement. “While our team continues to increase our interest in new acquisitions, a portion of these funds are going to be dedicated toward redevelopment and enhancement of new marinas, as well.”
The Suntex portfolio includes marinas in Arizona, California, Florida, Georgia, Illinois, Iowa, Kentucky, Maryland, Missouri, New Jersey, New York, Oklahoma, Texas, Tennessee and Virginia.
“We’ve witnessed firsthand the Suntex team’s ability to deliver exceptional experiences for customers and significant returns for investors,” added Matt Dabrowski, senior managing director, Centerbridge Partners. “Suntex is extremely well-positioned to capitalize on tailwinds in the marina and broader leisure and storage markets, and we look forward to building on our partnership to bring the company’s best-in-class model to even more marinas across the U.S.”
