In a bold move to dominate the U.S. boating and marina industry, Blackstone has announced plans to acquire Safe Harbor Marinas, the country’s largest marina and superyacht servicing company, from Sun Communities Inc. for a staggering $5.65 billion. The deal, disclosed Monday, underscores Blackstone’s aggressive investment strategy in infrastructure and leisure sectors, positioning it as a key player in the high-end maritime market.

The Largest Marina Network in the U.S.

Safe Harbor, headquartered in Dallas, operates a vast network of 138 marinas across the U.S. and Puerto Rico, catering to boat owners, yachting enthusiasts, and marine service providers. The acquisition aligns with Blackstone Infrastructure’s broader vision of tapping into lucrative, long-term growth trends in travel, leisure, and coastal real estate.

“Marinas benefit from key long-term thematic tailwinds, including the growth of travel and leisure as well as population inflows into coastal cities,” said Heidi Boyd, senior managing director at Blackstone’s infrastructure division. “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 expand their footprint.”

Sun Communities Shifts Strategic Focus

Southfield, Michigan-based Sun Communities Inc. is divesting Safe Harbor as part of a strategic refocus on its core manufactured housing and recreational vehicle communities business. The company had originally acquired Safe Harbor in October 2020 for approximately $2 billion. Now, with the sale expected to close in the second quarter of this year, Sun Communities projects pre-tax proceeds of roughly $5.5 billion after transaction costs.

“On behalf of everyone at Sun, I would like to thank the Safe Harbor team for their dedication and hard work throughout our over four-year partnership,” said Gary Shiffman, chairman and CEO of Sun Communities. “We anticipate that Blackstone will further Safe Harbor’s position as the leading marina and superyacht servicing business in the U.S.”

The proceeds from the transaction will be directed toward strengthening Sun Communities’ balance sheet, reducing debt, funding shareholder distributions, and reinvesting in its core business operations.

Financing & Legal Counsel

Wells Fargo serves as the lead financial adviser to Blackstone Infrastructure and has committed financing for the transaction, while Lazard Frères & Co. is advising Sun Communities.

On the legal front, Blackstone is receiving counsel from Gibson Dunn & Crutcher LLP and Simpson Thacher & Bartlett LLP, with a team led by partners Marwan Azzi and Soren Kreider. Other key attorneys involved in the deal include Joanne Franzel, Harry Silvera, Kathryn Kelly, Evan Gusler, Ekaterina Napalkova, Michael Murphy, Alice Brogi, Eric Feuerstein, Federico Fruhbeck Jr., and Tomer Pinkusiewicz.

Simpson Thacher’s team advising Blackstone comprises Whitney Salinas, Danielle Jackson, Justin Vilinsky, Chris Brown, and Tom Howland. Sun Communities is represented by Latham & Watkins LLP and Taft Stettinius & Hollister.

A Major Play in the Boating Industry

As Blackstone further entrenches itself in the boating and marina sector, this acquisition signals confidence in the sustained demand for premium maritime services. With Safe Harbor’s extensive reach and Blackstone’s capital power, the partnership is poised to redefine the future of the U.S. marina landscape.