Blackstone announced 24 February that funds managed by Blackstone Infrastructure (“Blackstone”) have agreed to acquire Safe Harbor Marinas (“Safe Harbor”), the largest marina and superyacht servicing business in the United States, from Sun Communities, Inc for US$5.65 billion.

Safe Harbor owns and operates 138 marinas across the US and Puerto Rico and is the industry leader in the boat storage and servicing industry.

Commenting on the announcement, Heidi Boyd, Senior Managing Director in Blackstone’s infrastructure business said, “Marinas benefit from key long-term thematic tailwinds including the growth of travel and leisure as well as population inflows into coastal cities.

“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 to expand their footprint.”