Blackstone Infrastructure has agreed to acquire Safe Harbor Marinas from Sun Communities in a $5.65 billion deal.
The transaction is part of Sun’s goal of re-focusing on its core manufactured housing and RV segments to enhance its profile and financial flexibility.
The transaction is subject to customary closing conditions, with the initial closing of the transaction expected in the second quarter of 2025.
The base purchase price represents an approximate 21x multiple on the estimated 2024 funds from operations of the Safe Harbor business.
The transaction is expected to produce approximately $5.5 billion of pre-tax proceeds after transaction costs with the proceeds anticipated to be used to support a combination of debt reduction, distributions to shareholders and reinvestment in Sun’s core businesses.
“We are very pleased with this transaction which further accelerates Sun’s strategy to improve the company’s leverage profile and refocus on our core segments,” said Gary Shiffman, chairman and CEO of Sun.
We are incredibly pleased with the performance of Safe Harbor and with the outcome of this highly successful sale process.
Gary Shiffman
“On behalf of everyone at Sun, I would like to thank the Safe Harbor team for their dedication and hard work throughout our over four-year partnership.
“We are incredibly pleased with the performance of Safe Harbor and with the outcome of this highly successful sale process.
“We anticipate that Blackstone will further Safe Harbor’s position as the leading marina and superyacht servicing business in the US.”
Jeff Blau, chair of Sun’s Capital Allocation Committee, added: “This transaction allows Sun to focus on our core businesses which operate at high margins and produce durable income streams, and we are confident they will continue to deliver strong, consistent long-term growth.
“Safe Harbor has been an outstanding performer for Sun, and this sale allows us to realize substantial value from our investment, while positioning the company for future growth and enhanced return opportunities for our stakeholders.”
The transaction represents an estimated book gain of approximately $1.3 billion for Sun from its four-year ownership of Safe Harbor.
Safe Harbor Marinas is the largest marina and superyacht servicing business in the US, spanning more than 130 locations.
