NEWPORT – Newport Shipyard has been acquired by Texas company Safe Harbor Marinas LLC, Safe Harbor announced this week.
The company now owns seven marina properties in Rhode Island on Narragansett Bay.
Federal and State Nursing Home Staffing Mandates
Staffing has always been an ongoing challenge in the long-term care industry. However, since the…
Learn More
Newport Shipyard regularly services vessels more than 200 feet long up to as much as 300 feet. The shipyard features superyacht repair services and refit facilities in addition to being a full-service marina.
Eli Dana will remain in his current role managing the marina.
Safe Harbor Marinas now owns 85 marinas in 19 states in the United States, including a large concentration of marinas in the New England region.
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 so pleased to add Newport Shipyard to our portfolio,” said Jason Hogg, senior vice president of investments for Safe Harbor Marinas. “This place has an incredible history and importance in the world of sailing and cruising. The Dana family and their team have built a brand that is recognized across the globe. We are excited to continue and build on their grand tradition of excellence.”
Terms of the deal were not disclosed.
