Company: Safe Harbor Marinas, Sun Communities Inc.
Business Type: Marina Operator
UK & International Business Sales and M&A News
Safe Harbor Marinas enters into definitive merger agreement with Sun Communities Inc.
The Texas-based Safe Harbor Marinas has entered into a definitive merger agreement with Sun Communities Inc and one of its subsidiaries in a transaction for cash and SUI equity valued at $2.11billion.
Safe Harbor Marinas was built in partnership with American Infrastructure Funds, Koch Real Estate Investments, Weatherford Capital, and Guggenheim Partners, and is the largest owner and operator of marinas in the world. Based in Dallas, the company is dedicated to providing exceptional service and memorable experiences to the global boating community.
Established in 1975, Sun Communities Inc owns and operates, or has an interest in, manufactured housing and recreational vehicle communities located in 33 states throughout the United States and Ontario, Canada.
Baxter Underwood, CEO of Safe Harbor Marinas commented:
“We are excited to partner with Sun Communities, a premier real estate investment trust that owns and operates 426 properties across North America.
“We have spent a number of years getting to know Sun and are impressed with their leadership team and track record of consistently growing value for all their stakeholders. Safe Harbor will operate independently from Sun’s other businesses, but we will benefit from their tremendous strength. We are committed to continuing the growth of our marina portfolio by harnessing Sun’s advantageous cost and form of capital.”
Baxter Underwood – CEO of Safe Harbor Marinas
Safe Harbor’s 45,000 members enjoy access to the largest network of marinas in the world. In June this year, Safe Harbor announced the acquisition of its 100th marina, located across 22 states in the US.
Gary Shiffman, CEO of Sun Communities commented:
“We look forward to welcoming Safe Harbor to the Sun family. We have studied the marina industry and specifically Safe Harbor for a number of years and have gotten to know the team very well. Expanding Sun’s platform to include marinas is a major strategic decision and we could not have chosen a better partner to execute this important growth initiative.”
Gary Shiffman – CEO of Sun Communities
The transaction is expected to close during the fourth quarter and is subject to customary closing conditions.
Both Moelis & Company LLC and Citizens Capital Markets served as advisors to Safe Harbor Marinas. Citigroup Global Markets, Inc. served as advisor to Sun Communities. Jaffe Raitt Heuer & Weiss P.C. served as legal counsel to Sun Communities and Sidley Austin LLP and Duane Morris LLP served as legal counsel to Safe Harbor Marinas.
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