Safe Harbor acquires US superyacht repair yard
Savannah Yacht Center, a deep water maintenance, repair and refit facility in Georgia, US, has been acquired by marina operator Safe Harbor Marinas.
The transaction saw consideration take the form of securities in Safe Harbor’s parent company, Sun Communities Inc. The superyacht repair yard facility is expected to remain in operation as ownership changes hands, and its 50 employees will now work for Safe Harbor Marinas.
Baxter Underwood, CEO of Safe Harbor Marinas, said:
“This is an outstanding addition to our network. The world’s largest vessels have historically been forced to cross the Atlantic for certain services. This facility allows us to serve them with excellence here in the United States and inside the Safe Harbor network.”
The Savannah Yacht Center includes a 140-metre graving dock, a 3,240-ton shiplift, and 366 metres of floating docks that can accommodate eight 80-metre superyachts. The superyacht repair yard also has machine and fabrication shops, plus paint support facilities on site.
Christian Demere, President and CEO of the shipyard’s former parent company Colonial Group, Inc., commented:
“We are incredibly proud of the team at Savannah Yacht Center and their many accomplishments.
“While it was a great experience building this business, I did not believe we were best positioned to allow it to reach its full potential. I am confident that it will reach new heights as part of Safe Harbor Marinas.”
The marina operator has 135 locations in its portfolio, including dry docks and lifting gear, a superyacht fuel program, and service / refit systems.
Tim Sargent, EVP of International Operations at Safe Harbor Marinas, concluded:
“We’re always searching for better ways to serve the superyacht builders, OEMs, owners, captains and crews. Savannah allows us to do exactly that.”