Suntex Marina Investors yesterday announced that it is partnering with marina management company Westrec Marinas.
Westrec is one of the largest owner-operators of marinas and marine-related businesses in the world.
“Years ago, we realized the many synergies between Westrec Marinas and Suntex,” Suntex CEO Bryan Redmond said in a statement. “Westrec Marinas’ vision of offering the best in customer service and amenities, along with a memorable experience out on the water, align perfectly with our vision.”
Added Westrec president Bill Anderson: “Suntex brings significant innovations and more streamlined tools and processes for daily operations. In addition, they have meaningful reporting and financial forecasting with real-time data, a more established communications and marketing effort, as well as additional capital to invest in repair and maintenance and capital expenditures for major projects at our current marinas.”
The Wall Street Journal reports that Suntex owner Centerbridge Partners LP is paying about $400 million for Westrec and that the acquisition “Creates a company with more than 50 marinas that is valued at $2.5 billion, making it the second-highest-valued U.S. marina owner after Safe Harbor Marinas.”
