CHARLESTON, S.C., Aug. 3, 2021 — PORT 32 Marinas LLC (“PORT 32” or the “Company”), a leading owner, operator, developer and acquirer of Class A coastal marinas, today announced the successful recapitalization of the Company led by New York-based Fireside Investments alongside key members of management and with participation from several institutional investors including funds affiliated with D1 Capital Partners and Makena Capital Management.
Immediately following the recapitalization, PORT 32 will own and operate four marinas located in Palm Beach Gardens, Fort Lauderdale, Tampa and Tierra Verde, Florida. Upon completion of the upland phase 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 over 115,000 square feet of commercial tenant space across its initial portfolio. Additionally, the Company will manage three marinas located in Charleston, South Carolina – The Harborage at Ashley Marina, Shem Creek Marina, and Ripley Light Marina.
The recapitalization will enable the Company to accelerate its growth plans in Florida and to expand into new markets, both of which will further differentiate its position in the market as the leading owner and operator of institutional grade coastal marina assets. PORT 32’s management team will continue to be led by founder Joe H. Miller, IV as Chief Executive Officer.
Miller stated, “We are pleased to partner with Fireside and their investment partners. 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.”
“Fireside is excited to partner with management to continue building a best-in-class marina company and capitalize on the attractive opportunities we see in the sector,” added Jonathan Langer, Founder and Managing Member of Fireside. “We believe this initial portfolio of institutional quality assets, together with the talent of Joe and his management team, come together to form a very strong platform for growth in the industry.”
Latham & Watkins LLP acted as legal counsel to Fireside Investments. Graybill, Lansche & Vinzani, LLC, as well as Grant & Kuyk, P.C. acted as legal counsel to the selling investors. First United Bank and Trust, as well as Amerant Bank, N.A. provided financing for the transaction. Newmark’s Co-Heads of the Debt & Structured Finance, Dustin Stolly and Jordan Roeschlaub, along with Chris Kramer, acted as financial advisor to Fireside Investments in securing the financing.
ABOUT PORT 32
Based in Charleston, South Carolina, PORT 32 is a leading owner, operator, developer and acquirer of dry and wet slip coastal marina assets. PORT 32 provides expertise in the development and management of marina assets to bring customers an unparalleled level of service within the marina industry. PORT 32 owns and operates a growing collection of irreplaceable Class A marina assets in premier markets. For more information, please visit https://port32marinas.com.
ABOUT FIRESIDE INVESTMENTS
Fireside Investments is a private investment firm that backs experienced management teams to build leading real estate operating companies and platforms. The firm has invested in and helped build businesses in a variety of industries with attractive fundamentals including express car washes, permanent exhibition space, hospitality, private country clubs and luxury camping. Since the firm’s founding, it has led investments in businesses with an aggregate enterprise value in excess of $4 billion. For more information, please visit https://firesideinvestments.com.
ABOUT D1 CAPITAL PARTNERS
D1 Capital Partners is a global investment firm that operates across public and private markets. The firm combines the talent and operational excellence of a large, premier asset management firm with the flexible mandate and long-term time horizon of a family office. Founded in 2018 by Daniel Sundheim, D1 focuses on investing in the global internet, technology, telecom, media, consumer, healthcare, financial, industrial, and real estate sectors.
ABOUT MAKENA CAPITAL MANAGEMENT
Makena Capital Management is a leading endowment-style investment manager based in Menlo Park, CA. Makena partners with long-term pools of capital seeking to preserve and grow assets for the next generation of stewards. To achieve this, Makena invests across a diversified set of traditional and alternative asset classes with an emphasis on private investments. Our investment solutions and collaborative service model are tailored to meet the unique needs of our clients. For more information, please visit https://makenacap.com.