Koch-backed Safe Harbor Marinas exploring a $2B sale

NEW YORK – American Infrastructure Funds is exploring a sale of one of the largest owners of United States marinas, according to people with knowledge of the matter.

The firm has interviewed advisers about selling Safe Harbor Marinas LLC, which is expected to fetch more than $2 billion, said one of the people, who asked not to be identified because the matter is private. American Infrastructure Funds is the majority owner of Safe Harbor, and Koch Real Estate Investments, an affiliate of Koch Industries Inc., has owned a minority stake since July 2018.

Representatives for American Infrastructure Funds, Koch and Safe Harbor didn’t immediately respond to requests for comment.

Safe Harbor, led by CEO Baxter Underwood, is expected to attract interest from infrastructure and real estate-focused investment firms, partly because of the scarcity of marina properties. In November, the Dallas-based company acquired Hideaway Bay Marina in Georgia, expanding its portfolio to 90 facilities across 20 states, including Florida and California. It also snapped up Newport Shipyard in Rhode Island last year.

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The company currently owns and operates eight marinas in Rhode Island.

Weatherford Partners and Guggenheim Partners are also Safe Harbor investors. One of Safe Harbor’s rivals, Suntex Marinas, is exploring strategic options as well, people with knowledge of the matter have said.

Gillian Tan is a reporter for Bloomberg News.

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