By Giulia Biagioli (Bocconi University); Giorgio Goretti and Marco Morchio (ESADE)
Photo: Xibei Jia (Unsplash)
Overview of the deal
Acquirer: Blackstone (NYSE: BX)
Target: Safe Harbor Marinas LLC
Total Transaction Size: $5.65 bn
Closed Date: June 30, 2025
Acquirer Advisor(s): Barclays (financial), Simpson Thatcher & Bartlett LLP (legal)
Target Advisor(s): Wells Fargo Securities (financial), Vinson & Elkins LLP (legal)
On the 24th of February 2025, Blackstone acquired 138 marinas across the USA and Puerto Rico from Sun Communities Inc. More specifically, it acquired Safe Harbour Marinas, a subsidiary of Sun Communities, and the largest marina and superyacht servicing business in the USA. Safe Harbor is the industry leader in boat storage and servicing, positioning Blackstone with an immediate dominant position in the already very mature sector.
Blackstone's acquisition of Safe Harbour Marinas strategically aligns with global trends in leisure, travel, and population growth in coastal cities. This move not only diversifies Blackstone's infrastructure portfolio—which has achieved impressive 40% year-over-year growth since inception—but also strengthens it with assets in the luxury travel sector. This sector is particularly valuable as it tends to remain stable regardless of economic fluctuations, providing Blackstone with resilient returns even during market uncertainty.
The deal values Safe Harbour Marinas at 21x its estimated EBITDA in 2024. While this premium appears high, the superyacht business is positioned for growth due to rising trends in income and consumer spending. This acquisition aligns with Blackstone's strategy of investing in industries with strong tailwinds and long-term growth potential.
"Marinas benefit from key long-term thematic tailwinds, including the growth of travel and leisure as well as population inflows into coastal cities. We believe Safe Harbor is the best-positioned company in this sector, and we look forward to working with their terrific team to invest behind their existing marinas and to expand their footprint." - Heidi Boyd, Senior Managing Director, Blackstone Infrastructure
Company Details (Acquirer - Blackstone)
Blackstone is the world’s largest alternative investment firm, managing over $1 trillion of assets. It was founded in 1985 by Stephen Schwarzman and Peter Peterson. Headquartered in New York City, Blackstone specializes in private equity, real estate, hedge funds, and other investment strategies. It operates with 38 offices across 16 countries.
Founded: 1985
Headquarters: New York City, USA
CEO: Stephen A. Schwarzman
Number of employees: 4895 as of Dec 31 2024
Market Cap: $178.27 as of March 18 2025
Enterprise Value (EV): $183 bn
LTM Revenue: $12.66 bn
Recent Transactions: Retail Opportunity Investment Corp (Feb 2025 - $4 bn), Citrin Cooperman Investment (Jan 2025 - Majority Stake), Air Trunk (Dec 2024 - $24 bn)
Company Details (Target - Safe Harbor Marinas)
Safe Harbor Marinas, LLC. is the largest owner and operator of marinas in the United States, managing a vast network of premium waterfront properties. Headquartered in Dallas, Texas, the company oversees 138 marinas across the country, providing docking, storage, and maintenance services to recreational boaters and yacht owners. As a leader in the marine industry, Safe Harbor Marinas offers a comprehensive range of services, including slip rentals, boat repair, fuel services, and upscale member amenities. Catering to both casual boaters and luxury yacht enthusiasts, the company is committed to enhancing the boarding experience through world-class facilities and personalized service.
Founded in 2015, headquartered in Dallas, Texas, USA
CEO: Baxter R. Underwood
Number of employees: 466
Enterprise Value (EV): $5.65bn
LTM Revenue: $960.6M
Recent Transactions: Sun Communities Inc. (2020)
Projections and Assumptions
Short-Term Consequences
The transaction will provide Sun Communities with an estimated $1.3 billion profit, representing a significant short-term liquidity event. This capital is expected to be directed toward debt reduction and reinvestment into core assets, allowing Sun to strengthen its balance sheet and refocus on long-term strategic priorities. Additionally, this cash infusion should enhance Sun's financial flexibility in the short term and boost investor confidence.
In addition, this acquisition benefits not only stakeholders in the short term but also employees, who will gain access to extensive training programs and development opportunities through Blackstone's infrastructure expertise. Furthermore, local communities hosting Safe Harbor Marinas may experience a significant increase in economic activity, as Blackstone's capital infusion could enable immediate maintenance projects and local contracting opportunities.
In conclusion, the immediate change in ownership to Blackstone Infrastructure presents a range of short-term upsides for Safe Harbor Marinas. These benefits include rapid operational improvements, potential job creation, enhanced customer experiences, employee development opportunities, and increased economic activity in local communities.
Long-Term Upsides
Blackstone Infrastructure’s $5.65 billion acquisition of Safe Harbor Marinas is set to solidify its position as the leading owner and operator of marinas in the United States. With its 138 premier waterfront locations, the transaction enhances Blackstone’s infrastructure portfolio by expanding its footprint in a high-barrier-to-entry industry that benefits from stable, recurring revenue. This strategic investment strengthens Safe Harbor’s long-term growth potential, leveraging Blackstone’s financial resources and operational expertise to drive expansion and service enhancements across the marina network.
This acquisition aims to enhance operational efficiency and long-term profitability by implementing best-in-class infrastructure management practices. With Blackstone’s focus on optimization and innovation, Safe Harbor Marinas is well-positioned to improve customer experience, streamline operations, and expand its premium offerings. Additionally, the investment will support upgrades to marina facilities, including digital transformation initiatives and sustainability-focused improvements, such as renewable energy integration and environmentally friendly dock systems.
Beyond operational improvements, the acquisition delivers long-term value for investors, boaters, and waterfront communities. Safe Harbor Marinas is expected to benefit from Blackstone’s ability to scale the business through strategic acquisitions and organic growth, further consolidating its leadership in the marina industry. The partnership will also enhance economic activity in local communities by fostering tourism, creating job opportunities, and supporting small businesses that rely on marina traffic.
By reinforcing Safe Harbor’s market leadership, driving sustainable infrastructure development, and ensuring long-term financial stability, Blackstone Infrastructure’s acquisition underscores the growing investment appeal of premium marine assets, positioning Safe Harbor Marinas for continued success in the years ahead.
Risks and Uncertainties
The $5.65 billion acquisition of Safe Harbor Marinas by Blackstone Infrastructure presents significant opportunities for market leadership, operational enhancements, and long-term value creation. However, the transaction also carries inherent risks. Successfully addressing regulatory considerations, integration challenges, financial uncertainties, and broader economic factors will be crucial for ensuring the investment’s success. The deal is expected to provide strategic expansion in the marina industry, but potential hurdles could emerge as Blackstone seeks to optimize and scale the business.
Regulatory oversight and transaction complexities may pose initial challenges. While marina operations do not face the same stringent regulations as banking or telecommunications, authorities may still review the deal for potential competition concerns in key regional markets. Additionally, environmental regulations tied to waterfront developments, coastal zoning laws, and sustainability commitments could influence Blackstone’s long-term infrastructure strategy. Any unforeseen regulatory obstacles may lead to delays or modifications in operational plans.
Integration risks also remain a key factor. Safe Harbor operates over 130 locations with unique regional demands, requiring standardization of services, technology systems, and operational protocols. Ensuring seamless transitions across locations will be essential to avoid customer disruptions or inefficiencies. Cultural alignment between Safe Harbor’s existing leadership and Blackstone’s infrastructure management approach will also play a crucial role in executing growth initiatives effectively.
Competitive dynamics within the leisure and marine sector may further shape the acquisition’s trajectory. While Safe Harbor Marinas holds a leading position, competition from independent marina operators, private yacht clubs, and new waterfront developments could challenge growth projections. Additionally, shifting consumer preferences toward eco-friendly boating or alternative recreational activities may require strategic adjustments to service offerings.
Governance and strategic execution will ultimately determine the acquisition’s long-term success. Blackstone’s ability to align with Safe Harbor’s leadership team, execute targeted expansion strategies, and maintain customer satisfaction will be crucial in delivering sustained value. Managing these complexities effectively will ensure that Safe Harbor Marinas continues to thrive as a premier waterfront asset, reinforcing Blackstone’s investment strategy in resilient, income-generating infrastructure.
Sources
Blackstone Infrastructure to Acquire Safe Harbor Marinas in $5.65B Transaction - Blackstone
SUN COMMUNITIES, INC. ANNOUNCES SALE OF SAFE HARBOR MARINAS TO BLACKSTONE INFRASTRUCTURE IN AN ALL-CASH TRANSACTION FOR $5.65 BILLION | Sun Communities
Blackstone Buys Superyacht and Marina Servicer Sun Communities - Bloomberg
Safe Harbor Marinas: Revenue, Competitors, Alternatives