PORTSMOUTH – New England Boatworks Inc. has been acquired by Safe Harbor Marinas, a Dallas-based company with several Rhode Island properties.
Portsmouth property records show that the marina property, located at 1 Lagoon Road, was purchased from TDS Realty LLC and New England Boatworks, which were co-owners of the land, for $27 million by SHM NEB LLC, a subsidiary of Safe Harbor Marinas registered in Delaware. The marina is still in operation.
It was not immediately clear if the land purchase was the sole transaction related to acquisition of the company. The company did not immediately respond to inquiries.
On its website, Safe Harbor advertises that it offers “tax-efficient” structures for purchasing a marina, including offering equity in Safe Harbor as part of its acquisition strategy, allowing marina owners to avoid certain taxes regarding capital gains of the sale of a company.
“We’re incredibly fortunate to add New England Boatworks to our network of marinas,” said Jason Hogg, senior vice president of investments for Safe Harbor Marinas, in a statement earlier this month. “NEB is one of the most renowned boatyards in the country, and it will be a cornerstone for our boaters in Narragansett Bay. We’re also very excited about growth projects already permitted and expansion opportunities we intend to pursue at this unique property.”
Safe Harbor already owned five other marinas in Rhode Island prior to the most recent acquisition, including: Safe Harbor Wickford Cove, Safe Harbor Greenwich Bay, Safe Harbor Cowesett, Safe Harbor Sakonnet and Safe Harbor Cove Haven.
At the time of acquisition, which occurred on May 9, the company said it had 80 marina properties in its portfolio in 18 states.
