Member News: Port 32 Marinas
By: MIASF Staff
Date posted: Aug 27, 2021 Fri
Port 32 Marinas has announced the recapitalization of the company led by New York-based Fireside Investments.
Key members of management and several institutional investors, including funds affiliated with D1 Capital Partners and Makena Capital Management, also participated.
Following the recapitalization, Port 32 will own and operate four Sunshine State marinas located in Palm Beach Gardens, Fort Lauderdale, Tampa and Tierra Verde.
Upon completion of the redevelopment underway in Fort Lauderdale and its Palm Beach Gardens redevelopment, the company will own and operate approximately 2,270 dry and wet slips and more than 115,000 square feet of commercial tenant space across its initial portfolio.
“This transaction will provide us with capital to accelerate our program of acquiring and developing the highest quality marinas in our target markets, will allow us to continue to invest in our operating platform to support our commitment to provide our customers with a high level of service quality, and will strengthen our competitive positioning in the sector," Port 32 founder and CEO Joe H. Miller, IV, said in a statement.
Port 32 Marinas acquired three Florida marinas — in Naples, Marco Island and Cape Coral — from Walker Marine Group, the company said in a statement. They are the company’s first acquisitions since its announced recapitalization, backed by Fireside Investments.
The three marinas comprise around 1,015 slips, as well as sales and service by long-term tenant OneWater Marine. With its Florida investments in Palm Beach Gardens, Fort Lauderdale, Tampa and Tierra Verde — and three marinas it manages in Charleston, S.C. — Port 32 now has more than 4,100 dry and wet slips, and approximately 140,000 square feet of commercial tenant space.
“We are delighted to welcome the Walker marinas, their employees and customer base to Port 32,” CEO Joe H. Miller IV said in the statement. “These are high-quality assets which fit tremendously well with our strategy of acquiring best-in-class facilities in each of our target markets.”