PORT 32 Marinas announces recapitalization led by Fireside Investments
CHARLESTON, SC, August 3, 2021 / PRNewswire / – PORT 32 Marinas LLC (“PORT 32” or the “Company”), a leading owner, operator, developer and purchaser of Class A coastal marinas, today announced the successful recapitalization of the Company led by new YorkFireside Investments, based alongside key members of management and with the participation of several institutional investors, including funds affiliated with D1 Capital Partners and Makena Capital Management.
Immediately following the recapitalization, PORT 32 will own and operate four marinas located in Palm Beach Gardens, Fort Lauderdale, Tampa and Green Land, Florida. Upon completion of the upland phase of the ongoing redevelopment at Fort Lauderdale, and his Palm Beach Gardens redevelopment, the Company will own and operate approximately 2,270 wet and dry slides and over 115,000 square feet of commercial tenant space across its initial portfolio. In addition, the Company will manage three marinas located at Charleston, South Carolina – The port of Ashley Marina, Shem Creek Marina, and Ripley Light Marina.
The recapitalization will allow the Company to accelerate its growth plans in Florida and expand into new markets, both of which will further differentiate its market position as the primary owner and operator of institutional grade coastal marinas assets. The PORT 32 management team will continue to be led by the founder Joe H. Miller, IV as CEO.
Miller said, “We are delighted to partner with Fireside and their investment partners. This transaction will provide us with capital to accelerate our program to acquire and develop the highest quality marinas in our target markets, allowing us to continue to invest in our operations. platform to support our commitment to provide our customers with a high level of quality of service, and will strengthen our competitive positioning in the sector. ”
“Fireside is delighted to partner with management to continue to build a premier marina business and capitalize on the attractive opportunities we see in the industry,” added Jonathan Langer, Founder and Managing Member of Fireside. “We believe that this initial portfolio of quality institutional assets, along with the talent of Joe and his management team, come together to form a very strong platform for the growth of the industry.”
Latham & Watkins LLP acted as legal counsel to Fireside Investments. Graybill, Lansche & Vinzani, LLC, and Grant & Kuyk, PC acted as legal advisers to the selling investors. First United Bank and Trust, as well as Amerant Bank, NA funded the transaction. Co-responsible for Newmark’s debt and structured finance, Dustin Stolly and Jordan roeschlaub, with Chris Kramer, acted as financial advisor to Fireside Investments in securing the financing.
ABOUT PORT 32
Situated at Charleston, South Carolina, PORT 32 is a leading owner, operator, developer and purchaser of wet and dry coastal marinas. PORT 32 provides expertise in the development and management of marine assets to provide customers with a level of service unmatched in the marine industry. PORT 32 owns and operates a growing collection of irreplaceable Class A marina assets in leading markets. For more information, please visit https://port32marinas.com.
ABOUT FIRESIDE INVESTISSEMENTS
Fireside Investments is a private investment firm that supports experienced management teams to build leading real estate companies and operating platforms. The company has invested in and helped build businesses in a variety of industries with attractive fundamentals, including express car washes, permanent exhibition spaces, hospitality, private country clubs, and luxury camping. Since its inception, the company has made investments in companies whose overall enterprise value exceeds $ 4 billion. For more information, please visit https://firesideinvestments.com.
ABOUT D1 CAPITAL PARTNERS
D1 Capital Partners is a global investment firm operating in the public and private markets. The company combines the talent and operational excellence of a large, leading asset management firm with the flexible tenure and long-term time horizon of a family office. Founded in 2018 by Daniel Sundheim, D1 focuses on investing in the global Internet, Technology, Telecommunications, Media, Consumer, Healthcare, Financial, Industrial and Real Estate sectors.
ABOUT MAKENA CAPITAL MANAGEMENT
Makena Capital Management is a leading endowment investment manager based at Menlo Park, California. Makena partners with long-term capital pools seeking to preserve and develop the assets of the next generation of stewards. To achieve this, Makena invests in a diverse set of traditional and alternative asset classes with an emphasis on private investments. Our investment solutions and collaborative service model are tailored to meet the unique needs of our clients. For more information, please visit https://makenacap.com.
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SOURCE Port 32 Marinas