Deals
Blackstone Buys Superyacht and Marina Servicer for $5.65 Billion
- Firm agrees to buy Safe Harbor Marinas in all-cash transaction
- Sun Communities purchased company for $2.11 billion in 2020
While boat sales tend to ebb and flow with consumer sentiment, storage slips tend to be in short supply in all economies.
Photographer: Eva Marie Uzcategui/BloombergThis article is for subscribers only.
A unit of Blackstone Inc. agreed to acquire a marina and yacht servicing business for $5.65 billion in a bet on US boaters.
Sun Communities Inc. is selling Safe Harbor Marinas to affiliates of Blackstone Infrastructure in an all-cash transaction, according to a statement Monday. The price, which is subject to post-closing adjustments, is roughly 21 times Safe Harbor’s 2024 funds from operations, Sun Communities said.