Southern Marinas Announces Recapitalization by Stonepeak

NORTH PALM BEACH, Fla. & NEW YORK--(BUSINESS WIRE)--Southern Marinas (or the “Company”), a premier owner and operator of marinas in the United States, today announced a successful recapitalization, effectuated as a sale by affiliates of KSL Capital Partners, LLC (“KSL”) to Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets.

Founded in 2018, Southern Marinas owns and operates a diversified portfolio of 16 marinas strategically located across eight U.S. states, including Florida, Idaho, Missouri, New Jersey, New York, North Carolina, Tennessee, and Washington. The Company’s core storage business is comprised of more than 6,700 slips and is complemented by a range of ancillary operations, including fuel, boat rentals, and service. Southern Marinas announced the most recent addition to its portfolio today, with the acquisition of F3 Marina, a 59,000-square-foot facility in Fort Lauderdale, Florida. Led by a seasoned management team with more than 75 years of combined experience in marina acquisition and management, Southern Marinas has established a strong reputation as a reliable provider of marina infrastructure for its customers.

“With the close of this transaction, we are entering into an exciting new chapter as we look to further strengthen the business and propel our growth,” said Mitchell Jones, Co-Founder & Chairman of Southern Marinas. “Stonepeak brings deep infrastructure expertise, experience building scaled businesses, and a clear strategic perspective, and we are confident they will make an excellent partner as we continue to deliver for our customers.”

“This transaction reflects our strong conviction in the resilience and long-term fundamentals of the U.S. marina sector,” said James Wyper, Senior Managing Director, Head of U.S. Private Equity, and Head of Transportation & Logistics at Stonepeak. “The Southern Marinas team has built a best-in-class platform with a strong operating track record, and we look forward to partnering with the team to support the next phase of growth,” added Daniel Raubolt, Principal at Stonepeak.

“Over the course of our partnership with Southern Marinas, we helped the Company expand its footprint to 15 marinas and built a scaled, institutional-quality platform centered on well-located marinas offering high-quality boating experiences,” said Kirk Adamson, Partner at KSL. “We are proud of what has been built alongside the Southern Marinas team and are confident in the continued growth of the U.S. marina sector.”

Additional terms of the transaction were not disclosed, and the transaction has already closed. PJT Partners served as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to Stonepeak. Lazard Frères & Co. served as financial advisor and Hogan Lovells served as legal counsel to Southern Marinas and KSL.

About Southern Marinas

Southern Marinas is a premier owner/operator of marinas strategically located across the United States. The Company's seasoned leadership team has more than 75 years of combined experience and specializes in marina acquisition and management. The Company's philosophy is to extend a warm welcome and gracious Southern Hospitality across all touchpoints of the customer experience. Its success is a result of the Company's ability to deliver what it promises, exceed expectations, and surprise its members and customers with extra care and support. For more information, please visit www.southernmarinas.com.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $88 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

About KSL

KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; New York City, New York; and London, England. KSL invests across three primary strategies through its equity, credit and tactical opportunities funds. For more information, please visit www.kslcapital.com.