Safe Harbor Marinas announced that it has acquired Brewer Yacht Yard Group, a marina company led by industry veteran Jack Brewer. The transaction makes Safe Harbor the largest owner and operator of marinas in the world with 63 properties housing over 30,000 members' boats. The financial details of the transaction were not disclosed.
"We are delighted to have found a partner that shares our values and long-term strategic vision," said Jack Brewer, founder of Brewer and a Safe Harbor board member. "I remain fully engaged and committed to ensuring our new Safe Harbor family is successful in setting the industry standard for professionalism and customer service excellence for many years to come."
In conjunction with the transaction, Safe Harbor has appointed its President Baxter Underwood to lead the newly combined company as chief executive officer, effective immediately. Underwood will succeed Marshall Funk, Safe Harbor's CEO and co-founder who has been named chief strategy officer and remains a member of the company's board. In addition, Rives Potts, former Brewer president, has been appointed Safe Harbor's chief operating officer.
"It is an honor to partner with Brewer, a leader in our industry with a proven track record of delivering exceptional service to customers over more than fifty years," said Underwood. "As a result of this transaction, Safe Harbor will be able to leverage the scale and expertise of both companies, while generating operational and financial synergies as the first truly national platform of marinas in the United States."
"Since the formation of Safe Harbor, our leadership team has built a great company and delivered exemplary results," said Funk. "This transaction represents a tremendous milestone for Safe Harbor and the marina industry. We will continue to grow both organically and through acquisitions to expand our reach and better serve our customers over the long term."
Safe Harbor was formed in 2015 by American Infrastructure Funds through the acquisition of three marina portfolios and an experienced management company.
"The Safe Harbor partnership was formed to bring industry leaders and stable assets together to create a powerful and lasting business," said Ryan Barnes, chairman of Safe Harbor and managing director at American Infrastructure Funds. "We continue to pursue combinations with respected marina owners to further augment and grow the platform."
Safe Harbor also announced that funds managed by Guggenheim Partners and Weatherford Partners, two global investment and advisory firms, have made investments in the company.
"Our investment underlines our enthusiasm for Safe Harbor's platform and business model," said Greg Kranias of Guggenheim Partners. "We are confident that the company's management team will execute on attractive growth opportunities over the coming years."
The Brewer transaction follows Safe Harbor's recent acquisition of two large marinas located in South Florida, Burnt Store Marina and Cape Harbor Marina, which the company purchased in early January.
Executives from both Safe Harbor and Brewer will be at The International Marina and Boatyard Conference in Fort Lauderdale, Fla. from Jan. 25-27.
Citizens Financial Group is serving as a financial advisor to Brewer and Day Pitney LLP is acting as its legal advisor. Latham & Watkins LLP and Duane Morris LLP are serving as legal advisors to Safe Harbor.
For more information, visit www.SHMarinas.com.