SVN Marinas Advises On The Sale Of Emerald Coast Marine Center To Safe Harbor Marinas

SVN Marinas is pleased to announce it has advised the owners of Emerald Coast Marine Group on the sale of the marina, located in Niceville, FL to Safe Harbor Marinas, a wholly owned subsidiary of publicly listed Sun Communities, Inc. (NYSE: SUI). 

Advising the deal for the seller were David Kendall and Mike Howell, the founding partners of SVN Marinas, a leading marine advisory practice specializing in M&A and business advisory services for marine properties and marine businesses throughout the United States and the Caribbean.

“We congratulate the owners and management team on the sale of this best-in-class marine facility,” said Kendall. “While the price is not disclosed, Emerald Coast Marine Center is one of the largest and most diversified marina complexes in the Florida Panhandle. The leadership team at Emerald Coast had the vision to transform the property from a regional marina into a highly profitable, world class marina complex, which meets the demands and satisfies the recreational boating needs of their customers.”

The Emerald Coast Marine Center is a destination life-style marina on the majestic Emerald Coast of Northwest Florida.  The concept of a marine center provides for a turnkey approach to boat ownership, recreation, storage, and maintenance.  The marina includes a hurricane-rated indoor storage facility accommodating up to 280 boats and 70 wet slips together with a leading regional boat dealership carrying premium brands that include; Beneteau, Blackfin, Crownline, Crest, Crevalle, Hurricane, Key West, Monterey, Nautique, Release, Sea Pro, and Solace.

“David and Mike were instrumental in helping achieve the successful outcome of this transaction,” said Shawn Talpey, President of Emerald Coast. “Together, they are uniquely capable to advise on both marina and marine business transactions that require both market specialization and the sophistication to negotiate complex M&A type marine business transactions.”  

“David and I launched SVN Marinas to provide the transaction expertise required to successfully advise larger and more involved marina and marine transactions requiring both commercial real estate and business expertise,” said Howell.

About SVN & SVN Marinas

SVN is the only national commercial real estate firm with a dedicated marina and marine specialty practice.  SVN Marinas was strategically formed by the merger of U.S. Marina Brokers and Safe Haven Advisors.  Headquartered in Florida and Massachusetts, SVN Marinas is able to transact marinas and marine property anywhere in the United States and Caribbean.  SVN is a leading national commercial real estate firm with more than 200 offices and 1,600 advisors.  For more information on SVN Marinas visit www.svnmarinas.com

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Lippincott Marina Acquired

Chesapeake Whalertowne, a dealership with locations in Grasonville and Annapolis, Md., announced in a statement its acquisition of Lippincott Marine.

The full-service marina is located at Kent Narrows in Grasonville and has 200 slips that can accommodate boats to 70 feet.

A Boston Whaler and Mercury dealer, Chesapeake Whalertowne said the Lippincott acquisition will diversify its revenue streams and increase its presence in the Chesapeake.

“The acquisition of Lippincott Marine is the logical next step in growing our business and supporting our customer base, which represents one of the strongest here on the Chesapeake Bay,” Whalertowne general manager Rick Boulay Jr. said in a statement.

Chesapeake Whalertowne is planning capital improvements and will rename the facility Cedar Point Marina.

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Southern Marinas Acquires Tennessee Property

Southern Marinas Holdings announced in a statement that it has acquired Grand Harbor Condominiums and Marina on Pickwick Lake in Tennessee.

The property is on the Tennessee-Mississippi border, less than a mile from the Alabama state line. Located at the junction of the Tennessee River and the Tombigbee Waterway, the marina attracts boaters cruising the Great Loop.

“Grand Harbor is a unique asset that attracts boaters and vacationers from a broad demographic area,” Gary Rosmarin, principal with Southern Marinas, said in a statement. “By the addition of Grand Harbor, our portfolio now extends its geographic footprint from the Northwest, through the Midwest, into the Southeast.”

The full-service marina includes covered slips, condo rentals, a rental fleet, a ship’s store, fuel dock, a lakeside pool, tennis courts and a fitness center and spa.

Grand Harbor is Southern Marinas’ sixth acquisition this year.

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OneWater Marine To Acquire T-H Marine

OneWater Marine Inc. announced today that it has entered into a definitive agreement to acquire T-H Marine, a provider of branded marine parts and accessories, for approximately $185 million. The transaction is expected to close in the calendar fourth quarter of 2021.

“With its comprehensive product portfolio, reputation for innovation, omni-channel sales strategy, and ability to acquire and integrate niche category leaders, we look forward to welcoming Jeff Huntley Sr., and his team into the OneWater Marine family,” said Austin Singleton, chief executive officer for OneWater. “We believe T-H Marine represents a strong, natural fit with our service, parts & other sales business and meaningfully increases our addressable market for marine parts and accessories. With a track record of increasing financial performance, we believe the addition of T-H Marine will further enhance our long-term growth strategy as we continue to scale the business and drive value to our shareholders.”

Founded in 1975, and headquartered in Huntsville, Alabama, T-H Marine has transformed from a predominantly OEM supplier of parts into an industry leading omni-channel marine platform. It serves the expanding aftermarket parts and accessories market through its e-commerce site, various marine and big box retail sites and marine distribution channels. The transaction will advance OneWater’s growth and diversification strategy and is expected to more than double the size of its service, parts & other sales business with a highly complementary product portfolio of marine parts and accessories.

“Our history of accretive acquisitions is not only complementary to OneWater’s business model and growth strategy, but also provides an additional platform for expansion. We look forward to working with the OneWater team to scale the business through organic investments and acquisitional growth,” said Jeff Huntley Sr., chief executive officer for T-H Marine. “Joining OneWater will allow us to further enhance our strategy of acquiring and growing businesses to serve all of our aftermarket and OEM customers with even more amazing products.”

The combination is expected to further reduce OneWater’s exposure to the cyclical nature of new boat sales, providing the Company with a more robust and complete offering, at the same time, improving overall gross margins.

OneWater will be using a combination of cash and approximately $7 million in stock to fund the acquisition. In conjunction with the transaction, the Company has received a commitment from Truist Securities to expand its current term facility by $200 million. The Company expects its net debt-to-Adjusted EBITDA ratio to be in the range of 1.2x to 1.7x after the transaction. The closing of the transaction is anticipated during the fourth quarter of calendar 2021 and is subject to usual and customary closing conditions as well as regulatory review and approval.

Stifel acted as the exclusive financial advisor to OneWater, while Truist Securities will be providing committed financing for the transaction. Citizens M&A Advisory is serving as the exclusive financial advisor to T-H Marine.

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OneWater completes PartsVu acquisition

OneWater Marine Inc. announced that it has completed the previously announced acquisition of PartsVu (“PartsVu”), an online marketplace for OEM marine parts, electronics and accessories. PartsVu enhances the Company’s presence in the marine parts and accessories sector while helping reduce exposure to the cyclicality of boat sales.

“We are thrilled to officially welcome the PartsVu team to the OneWater family as we continue to execute on our strategic growth initiatives and drive increased value for our stockholders. The strength of our combined business further solidifies our leadership position in the marine industry and, notably, in the high margin parts and accessories business,” said Austin Singleton, chief executive officer for OneWater.

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U.S. Marina Brokers & Safe Haven Advisors merge businesses to establish SVN | Marinas & Marine Specialty Advisors

Cape Cod, MA and Jupiter, FL– July 21, 2021 – David Kendall, owner of U.S. Marina Brokers, and Mike Howell, owner of Safe Haven Advisors, are pleased to announce they have created a partnership to build the first national marina and marine specialty advisory firm that within SVN’s network of +200 locally registered offices is capable of transacting anywhere in the United States or Caribbean.  The newly formed partnership will do business as SVN | Marinas & Marine Specialty Advisors, and maintain primary offices in Jupiter, Florida and Cape Cod, Massachusetts. 

David Kendall was the founder of U.S. Marina Brokers, which established itself as a leading marina broker in the Southeastern United States.  Mike Howell was the founder of Safe Haven Advisors after having spent nearly 20 years as an international M&A investment banker with extensive expertise in marine related transactions.  Together the newly created firm will focus on marinas, marine properties, and marine business transactions.

The large and highly fragmented marina and marine industries are experiencing significant consolidation driven by a combination of strategic acquirers, institutional investors, and high net worth family offices.  As a result, competition for attractive assets is at an all-time high and there is a convergence between the acquires of historically passive income driven marinas and actively managed marine property and businesses with significant synergies being realized from the overlap.  SVN | Marinas & Marine Specialty Advisors is uniquely capable of navigating the complexities of this changing market landscape.

Together we have assembled the largest contact database of marina and marine acquires and sellers together with established relationships with key industry participants. Mike Howell, commented that, “I am thrilled to have David as a partner in this venture as he brings a wealth of knowledge about the marina market and has been at the forefront of the development of SVN’s marina specialty practice.”  David Kendall, went on to add, “Mike brings years of experience transacting complicated M&A transactions combined with an intimate knowledge of the marine industry. As partners we will be able to provide sophisticated professional advisory services to buyers and sellers of all types of marine properties and business assets.”

To learn more about SVN | Marinas & Marine Specialty Advisors visit their website at www.svnmarinas.com or www.svnmarine.com.

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SVN | Safe Haven Advisors arranges transaction for the Atlantic White Shark Conservancy to create an exhibit at the Long Point Marina in Provincetown

Cape Cod, MA – May 14, 2021 – SVN | Safe Haven Advisors, a specialized commercial real estate and business advisory firm in Mashpee, MA is pleased to announce it has arranged for the Atlantic White Shark Conservancy (“AWSC”) to develop a white shark exhibit on the ground floor of 16 MacMillan Wharf.  The property, which is known as the Long Point Marina, was formerly home to the Whydah Pirate Museum.  SVN | Safe Haven Advisors has been hired by the owners of the Long Point Marina to sell the entire property, which includes the marina, a private residence and commercial space.

SVN | Safe Haven Advisors approached the Atlantic White Shark Conservancy with the idea of developing a cornerstone tenant at the property that could benefit from the property’s unique location adjacent to the ferry terminal, at which 80,000 passengers from Boston and Plymouth arrive each year, and on the pier where another 200,000-300,000 depart on whale watching expeditions.  Cynthia Wigren, Chief Executive Officer and Co-Founder of the AWSC said, “We are thrilled to be opening a second Shark Center to be located in Provincetown and to be connecting with the local community. We are truly grateful to Safe Haven Advisors for presenting us with the opportunity. Provincetown is a perfect location to engage with visitors from all over the world to further our mission to support scientific research, improve public safety, and to educate the community to inspire conservation of Atlantic white sharks.”

The entirety of the Long Point Marina remains for sale offering a +7,700 square foot free-standing structure on MacMillan Wharf, a 4,300+ private residence, coveted deep-water dockage for two 100+ foot vessels, several additional slips with the possibility to reestablish a 75 unit mooring field, and strong cash flow from both the commercial space and marina slips.  SVN | Safe Haven Advisors is specialized in coastal Business developed Commercial Real Estate (BdCRE™) and Special purpose Commercial Real Estate (SpCRE™) as well as a founding partner of SVN’s National Marina & Marine specialty practice. For more information about the Long Point Marina and SVN | Safe Haven Advisors, please visit our website by clicking the link below. 

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MarineMax Acquires Cruisers Yachts, Will Sell/Service Via Select Retail Network

“Our motto is: We don’t just sell boats, we sell boating,” MarineMax CEO and President Brett McGill tells me when we discuss his company’s acquisition of the esteemed Cruisers Yachts boat builder (with its own heritage dating back to 1904). “And our history has been one of constant innovation, driven by my father Bill McGill’s vision when he founded the company. It was a relatively simple idea: to bring individual boating retailers and marina service operations together as a single, consistent network of operations. But that drive has always taken us into new territory.”

And the newest territory is entering the world of boat building directly. As a retailer with arguably one of the most recognizable brand names in the country, how did the news of owning its own building operation sit with MarineMax’s estimable stable of 25 other brand partners like Boston Whaler, Sea Ray, Grady-White and Azimut (to name just a few)?

“The acquisition was handled with care and sensitivity; we’ve never looked to ‘trade fiberglass’ and switch our brand offerings,” McGill clarifies. “Cruisers’ products fit in a category that doesn’t compete with our existing brands. The reception from our other builders has gone well. In addition, we wanted Cruisers to retain its existing retailers, so we are only offering the products in select MarineMax locations, again, to avoid unnecessary conflicts.”

The term “perfect storm” may be ill-chosen in regards to boating, but, according to McGill, the opportunity at Cruisers was just too attractive to pass up. While always popular builds, MarineMax partner Sea Ray essentially left the over-50-foot vessel market, leaving a gap in MarineMax’s spectrum of retail offerings. “Not only does Cruisers Yachts have a strong century-long history, terrific reputation, and incredible crew of skilled professionals, but it had just completed work on a new facility that was essentially doubling their production capabilities when it came up for sale.”

As such, MarineMax has no plans to re-badge Cruisers’ products, nor create any kind of special customer scenario within their sales operation. “This isn’t a case of Cruisers Yachts becoming a ‘house brand’ for MarineMax. The experience for Cruisers buyers will be perfectly consistent with buyers of any of the brands we offer.”

Certainly, with 77 locations in 22 states, the Bahamas, the Virgin Islands and other countries and 30 owned marinas operating 8,000 slips, MarineMax has one of the best “real world” fingers on the pulse of what the boating public is looking for in a vessel, but McGill also downplays that: “When we investigated the opportunity, we took a good, long look at Cruisers’ long-range development plans, and they just got everything right. Sure, we can add some value and expertise with our own insight, but it would all be in sync with what Cruisers is already doing so well.”

“Plus, MarineMax isn’t exactly a ‘newbie’ to boat-building involvement,” he adds. “We are the primary customer of power-cat builder Aquila Power Catamarans that produces the charter fleets for our BVI and Bahamas operations and we also sell them worldwide. We are deeply involved in each and every one of those builds. Our ownership of Cruisers Yachts is just a natural extension of the innovation and growth MarineMax has been doing all along. We are interested in creating an evolving and always-superb MarineMax experience and lifestyle.”

When asked to pick just two Cruisers vessels that best show-off the builder’s appeal, he pointed to The 60 Cantius and the 42 GLS.

2022 Cruisers Yachts 60 Cantius

The 60 Cantius packs in the luxurious features of a larger vessel, in an easy-to-pilot 60-foot format. With spacious accommodations, abundant glass to bring waterborne vistas in, and a retractable sunroof, it is designed to deliver a cruising approach that is equal parts private opulence and floating party fun.

Price Range: $1.4 to $1.6 million

Length Overall: 59 feet, 10 inches

Beam: 16 feet

Draft: 4 feet

Fuel Capacity: 647 gallons

Powerplant: 2x 725-hp Volvo Penta IPS950 diesel engines

Top Speed: 34 knots (about 39mph)

Outstanding Features: Full length glass doors; Master, VIP, and bunk-bed staterooms; washer and dryer

2022 Cruisers Yachts 42 GLS

The adventure-seeking vibe of Cruisers Yachts’ GLS series is amped up in the new 42 GLS. Dual beach doors port and starboard expand stern water access to create a more spacious “beach club” deck; a galley with a raised wet bar and ample bow lounging space makes for an unexpected level of entertainment sophistication. The lower cabin features an aft stateroom and U-shaped dinette that converts into a berth.

Price Range: from $928,340

Length Overall: 42 feet

Beam: 16 feet

Draft: 3 feet, 6 inches

Fuel Capacity: 403 gallons

Powerplant: 3x Mercury Verado 350-400hp outboards

Top Speed: 45 knots (about 52 mph)

Outstanding Features: Expanding aft beach doors, Simrad electronics, joystick piloting

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Brunswick to acquire Navico

Brunswick Corporation has entered into a definitive agreement to acquire Navico, a global leader in marine electronics and sensors for $1.05 billion. As a result of this acquisition, Brunswick will add the industry leading brands of Lowrance, Simrad, B&G, and C-MAP to its Advanced Systems Group (ASG), which includes the leading Parts & Accessories (P&A) brands in power management, digital control and monitoring, and networked devices.

“The acquisition of Navico and its award-winning brands will immediately accelerate Brunswick’s ACES (Autonomy, Connectivity, Electrification and Shared-Access) strategy, and support our vision to deliver distinctive new products and technology-enabled experiences,” said Dave Foulkes, Brunswick Corporation CEO, in a company press release.  “We will continue to invest both in organic initiatives and acquisitions to maintain our position of global product leadership, and the addition of Lowrance, Simrad, B&G and C-MAP to our existing brand portfolio will further strengthen our ability to provide complete, innovative digital solutions to consumers and comprehensive, integrated systems offerings to our OEM customers.”

Navico is a privately held global company based in Egersund, Norway and co-owned by Altor Fund IV and Goldman Sachs Asset Management. It is a provider of multi-function displays, fish finders, autopilots, sonar, radar, and cartography. Navico’s strong brands serve most major powerboat and sailing markets for both recreational and commercial applications.

Navico’s revenues totaled approximately $470 million for the trailing 12-month period ended May 31, 2021, with attractive revenue growth, a strong margin profile, and a capital efficient business model. Brunswick’s P&A segment accounts for about $1.5 billion – or 35% of total 2020 annual revenues. With the addition of Navico, Brunswick expects its P&A businesses to have revenues exceeding $2.0 billion. 

“After a strong period of growth, we are very excited about joining the Brunswick family to further strengthen our offering and support our customers going forward.” said Knut Frostad, Navico’s President and CEO. “On behalf of everyone at Navico, we cannot wait to begin our journey with Brunswick and share our passion and dedication with their team. By working together, we will be able to deliver a unique and integrated customer experience.”

The closing of the transaction is anticipated during the second half of 2021 and is subject to usual and customary closing conditions as well as regulatory review and approval.

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Warbird Marine Holdings Acquires Yellowfin

Warbird Marine Holdings, formed by EagleTree Capital to invest in category-leading boatbuilders and managed by industry veteran John Dorton, announced it acquired Yellowfin Yachts. Financial terms were not disclosed.

Yellowfin will be a separately managed sister company to Invincible Boat Co., which Warbird acquired in 2019.

“We are delighted to add Yellowfin to our Warbird platform. Yellowfin is at the pinnacle of their segment both in product lineup and brand prestige,” Warbird CEO Dorton said in a statement.

Warbird said in the statement that it is now the “largest and best capitalized designer and builder of custom offshore fishing boats.”

“The Yellowfin team will remain in place at their Sarasota headquarters with Wylie Nagler as president,” Dorton said. “The Yellowfin and Invincible brands have their own personalities and design philosophies, and we intend to keep it that way.”

Warbird said it will invest in Yellowfin’s facilities, people and new-product development — the same business approach that ushered in Invincible’s success.

“At Yellowfin, we have always strived to build the best boat by using the best materials — the best hardware, the best systems,” said Nagler, who founded Yellowfin in 1998. “Joining forces with Warbird and John Dorton gives us the scale and resources of the Warbird platform without changing Yellowfin’s DNA or our relentless focus on quality.”

“By combining the resources of these two great businesses, Warbird will be able to accelerate innovation, invest in quality and customer service, expand capacity, and ensure timely deliveries to our valued customers and distributors,” Dorton said. “Our goal is to set a new bar for the premium center console segment.”

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