United States

Westrec

It has just been revealed that <a data-gid="gid://syiq/Company/6619" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Suntex Marinas (Company)">Suntex Marinas</a> and <a data-gid="gid://syiq/Company/6620" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Westrec (Company)">Westrec Marinas</a>, two of the largest marina businesses in the USA have merged, creating a major player in the United States marine industry and becoming second in size only to Safe Harbor Marinas. <img src="https://photo-assets.superyachttimes.com/photo/217364/image/large-8d40486c5477e39ef1faeb209e66f75f.jpeg" data-gid="gid://syiq/Photo/217364"><a data-gid="gid://syiq/Company/6619" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Suntex Marinas (Company)">Suntex Marinas</a> currently owns a large portfolio of marinas across the US, including 10 situated within Florida and a number in the Rhode Island area. Though many of the companies holdings are situated on in-land rivers and lakes, there company does own a number of marinas that serve superyachts. <a data-gid="gid://syiq/Company/6620" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Westrec (Company)">Westrec</a> likewise has a large portfolio of marinas across the US, some of which already serve the yachting industry and yachts over 80 metres. <img src="https://photo-assets.superyachttimes.com/photo/217363/image/large-c3e60455cc598fbc1049ebb9d57c4154.png" data-gid="gid://syiq/Photo/217363">The merger has been published in The Wall Street Journal who have reported that <a data-gid="gid://syiq/Company/6619" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Suntex Marinas (Company)">Suntex Marinas</a> is paying around $400 million for <a data-gid="gid://syiq/Company/6620" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Westrec (Company)">Westrec</a> which will now be absorbed into the company. The combination of the two businesses will result in the ownership of around 50 marinas in the US, while Safe Harbor currently own more than 125 marinas across the US and further afield, including in the Mediterranean.&nbsp;William Rahm, Senior Managing Director and Head of Real Estate at Centrebridge, the investment company that owns <a data-gid="gid://syiq/Company/6619" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Suntex Marinas (Company)">Suntex Marinas</a>, commented, "Since partnering with <a data-gid="gid://syiq/Company/6619" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Suntex Marinas (Company)">Suntex</a> in March 2021, we have worked to help accelerate the company’s continued growth, this transaction brings together two leading teams and businesses in the marina sector, where we continue to see significant growth opportunities to serve the increasing demand for boating and leisure activities."Read:&nbsp;<a data-gid="gid://syiq/Article/54284" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title='"If we do our jobs well, Safe Harbor will be one catalyst that will bring more people into boating": CEO Baxter Underwood (2021-12-17 12:30:00 +0100)'>"If we do our jobs well, Safe Harbor will be one catalyst that will bring more people into boating": CEO Baxter Underwood</a>Bryan Redmond, CEO <a data-gid="gid://syiq/Company/6619" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Suntex Marinas (Company)">Suntex</a> Marinas, commented, “Years ago, we realized the many synergies between <a data-gid="gid://syiq/Company/6620" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Westrec (Company)">Westrec Marinas</a> and <a data-gid="gid://syiq/Company/6619" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Suntex Marinas (Company)">Suntex.</a> Westrec Marinas’ vision of offering the best in customer service and amenities, along with a memorable experience out on the water, align perfectly with our vision. The most rewarding part of this merger is knowing we now have added another whole network of marinas who share our core values and together we are poised for a fantastic future.”

Suntex Marinas and Westrec Marinas merge

It has just been announced that Suntex and Westrec Marinas merged, creating a major player in the US marina industry.