Suntex Marina Investors secures investment capital

Suntex Marina Investors LLC (Suntex), an owner and operator of marina properties, announced today that it raised over $200 million of equity commitments in a series of private placement transactions.

As part of the transaction, Suntex has also acquired the assets and personnel of Suntex Waterfront Advisors (SWA), a premier manager of marina properties. The combination of equity commitments and third-party debt financing will provide Suntex with over $500 million of buying power to acquire domestic marinas.

The company also announced that Bill Anderson, president of Westrec Marinas, has joined the Suntex board of directors and brings with him over 30 years of marina industry experience. Westrec is the largest manager of marinas in the country with assets such as the Harbour Towne Marina in Fort Lauderdale and Holiday Marina on Lake Lanier, as well as the management of the Chicago Harbors for the City of Chicago.

“We see Suntex as the primary consolidator in the industry, with a focus and culture very similar to our own,” said Anderson. “Suntex Marina Investors has an excellent leadership team that will provide the foundation for continued success in the marketplace.”

Suntex CEO Johnny Powers stated, “With the completion of this capital raise, we are financially poised for rapid growth. Increasing our portfolio will not only benefit investors, but we are confident that by extending our high standards of customer service to additional marinas, the boating public will also benefit from the Suntex approach: Improve the customer experience by offering superior hospitality services that are unique in the marina industry.”

Deutsche Bank Securities Inc. acted as the sole placement agent for the financing.

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