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Safe Harbor Marinas

Discussion in 'General Discussion' started by Blueone, Sep 29, 2020.

  1. Blueone

    Blueone Well-Known Member GOLD Sponsor

    Jan 24, 2007
    Lake Erie, Ohio
    2004 420 Sundancer
    Cummins 6CTA 450's
    I never understood this business model until now.... they have been planning this for years


    DALLAS, Sept. 29, 2020 /PRNewswire/ -- We are pleased to announce that Safe Harbor Marinas has entered into a definitive merger agreement with Sun Communities, Inc. (NYSE: SUI) and one of its subsidiaries in a transaction for cash and SUI equity valued at $2.11 billion.

    https://www.prnewswire.com/news-rel...ement-with-sun-communities-inc-301140059.html
     
  2. JimT

    JimT Well-Known Member GOLD Sponsor

    Jul 7, 2009
    Charlotte, NC- LKN
    2010 330 Sundancer
    T-350mags w/BIIIs & Axius, 5.0 kw Kohler
    Safe Harbor rolled up a hundred or so mom and pop marinas with private equity money, cut costs, raised fees and sold out at the top of the boating market. Sun Communities will look at the available land around the marinas that they can develop with condos, etc.. The marinas that can't be exploited will be sold in parts.
     
  3. Blueone

    Blueone Well-Known Member GOLD Sponsor

    Jan 24, 2007
    Lake Erie, Ohio
    2004 420 Sundancer
    Cummins 6CTA 450's
    Exactly
     
  4. Great Lakes

    Great Lakes Well-Known Member

    993
    Oct 11, 2016
    Lake St. Clair - Michigan (MacRay Harbor)
    2005 390 Sundancer
    GHS Platform
    Dual Raymarine Axiom
    Tracvision
    Bow/Stern Thrusters
    8.1
    Whoa! This isn’t good. I’m thankful our marina didn’t sellout to them
     
    Ezsteps likes this.
  5. douglee25

    douglee25 Well-Known Member

    Jan 13, 2008
    Dallas, TX
    Cruisers 3575
    Twin 7.4l
    This crossed my mind as well. Do you have any articles that mentions this?

    Sun's stock dropped. If it was in the making for so long, you would think the stock would be rallying.
     
  6. Blueone

    Blueone Well-Known Member GOLD Sponsor

    Jan 24, 2007
    Lake Erie, Ohio
    2004 420 Sundancer
    Cummins 6CTA 450's
    B75F2763-28E5-449F-8933-529F1801A2EA.jpeg E4E988DC-CE48-4FA5-8B58-4C44CE98A605.jpeg
     
  7. Dabble

    Dabble Member

    87
    May 26, 2020
    Olympia, WA
    1997 330 Sundancer
    2000 230 Bow Rider
    97 - Twin 5.7 Merc V-Drives
    2000 - 5.7 Bravo III
    Figured you’d be in favor of a free market. Guess not when it affects you.
     
  8. Stee6043

    Stee6043 Well-Known Member

    Jun 1, 2015
    West Michigan
    1997 Sundancer 400
    7.4L Gassers
    I mean...I'm not a fan of Safe Harbor but isn't it possible Sun is trying to diversify away from just RV and Mfg'd Home communities with this merger?
     
  9. Todd320

    Todd320 Well-Known Member GOLD Sponsor

    Jul 21, 2016
    St. Petersburg, FL
    2007 Sea Ray 320DA
    Twin V-drive 5.7L 350 Horizon
    Statement from Safe Harbor to members:
    Dear Safe Harbor Members,

    Earlier today, we announced that Safe Harbor entered into a definitive merger agreement with Sun Communities, Inc. (NYSE: SUI). While a transaction of this scale is unprecedented in the marina industry, the most exciting part is what it means for you and all our Safe Harbor Members.

    Since the inception of Safe Harbor, we've been committed to building the world's first true boating network. As we've expanded, we've been able to bring you more locations to explore and greater opportunities to pursue your passion for the water.

    By joining the Sun Communities family, we now have the ability to grow your boating network like never before. Furthermore, the relationship will enable us to invest even more into our 100+ locations from coast to coast.

    For all the growth and opportunity the investment will bring, perhaps the most important aspect is what will not change. Safe Harbor will operate independently from Sun Communities' other businesses. Our entire team - from Dockhands to General Managers to Executives - will remain dedicated to the vision and mission that inspired our journey from the start, and our promise to serve you with excellence at every step will not waver.

    On behalf of everyone at Safe Harbor, thank you for giving us the opportunity to be your home on the water. We look forward to continuing to serve you and your family for years to come.
     
  10. endless seas

    endless seas Well-Known Member

    Feb 13, 2008
    Baltimore,Maryland
    1997 450 DA
    Cat 420
    I am not liking the sound of this.We are at Mears Safe Harbor Kent Narrows and so far it's been fine. Gee I hope things don't change.
     
  11. Blueone

    Blueone Well-Known Member GOLD Sponsor

    Jan 24, 2007
    Lake Erie, Ohio
    2004 420 Sundancer
    Cummins 6CTA 450's
    The marina I was in up in St Clair was asking $15M...I ran rough numbers just on slip and winter storage revenue and at half that value you couldn’t make a profit if you borrowed the money. That’s why I never understood the ROI with investing in marinas. Safe harbor bought that marina.
    SHM has been working with Sun for a long time ......why? If the marina business is so lucrative why sell it or merge.... they had a number of investors already. Something else has to be going on
     
    firecadet613 likes this.
  12. highslice

    highslice Well-Known Member GOLD Sponsor

    Mar 28, 2008
    Table Rock Lake, Hollister Missouri
    270 SLX
    2013 Sea Doo 155 Wake
    496 Mag
    Bravo III
    Corsa
    Private Equity investors usually have an exit plan before they ever enter an investment. That could be what is going on here. Just spit ballin. But I have worked with a lot of private equity guys over the years, and that is the basic MO
     
    firecadet613 and Shaps like this.
  13. Pirate Lady

    Pirate Lady Active Member

    244
    Jun 2, 2020
    Chesapeake Bay, Middle River
    1991 250 Sundancer & Goplus 7.5' / 2.6hp outboard.
    Previous: 180BR, 220DA, 268DA, 250DA, 268DA
    7.4 Bravo 1
    Little background (endless seas may remember this) Gunpowder Cove Marina, family owned, Sea Ray dealer (bought 5 from them), best dam sea ray mechanics on the bay. Got bought by MarineMax, who proceeded to sh!tcan everyone, raised rates, sucked every dime out of it, ruined it. then sold it. Now called Joppatowne Marina, lost their SeaRay dealer license because of the Marine Max fiasco. Now Safe Harbor conglomerate of bean-counters, hedge-fund pirates, and blood-sucking leeches is doing the same thing up and down the bay. They bought Chesapeake Yachting Center (frog mortar creek) Great Oak Landing (fairlee creek) and Mears (Kent Narrows) and i dont know how many others. In a short time they will drive these dealers / marinas under and sell the land for condos. EndlessSeas, enjoy your time there, i used to got the Red Eye a lot. It may not last if Safe Harbor follows their business model.
     
  14. Blueone

    Blueone Well-Known Member GOLD Sponsor

    Jan 24, 2007
    Lake Erie, Ohio
    2004 420 Sundancer
    Cummins 6CTA 450's
    I didn’t know about Great Oak... we went there a lot
     
    endless seas likes this.
  15. quality time

    quality time Well-Known Member

    Oct 30, 2007
    Upper Chesapeake Bay
    2003 480DB
    QSM11's
    We were told this summer that SH was putting 11 million into Great Oaks over the next few years. Guess that’s not happening now...
     
  16. endless seas

    endless seas Well-Known Member

    Feb 13, 2008
    Baltimore,Maryland
    1997 450 DA
    Cat 420
    Yes our time there has been great and have met many great people especially the hard working staff.We currently have our floating tiny home there with a great view and I hope this does not change for us.
    Stay tuned.......
     
    Blueone likes this.
  17. endless seas

    endless seas Well-Known Member

    Feb 13, 2008
    Baltimore,Maryland
    1997 450 DA
    Cat 420
     
  18. endless seas

    endless seas Well-Known Member

    Feb 13, 2008
    Baltimore,Maryland
    1997 450 DA
    Cat 420
    Yes i remember this.
     
  19. JB MARSHALL

    JB MARSHALL Active Member

    223
    Aug 1, 2015
    Hudson Valley, NY
    2009-48 Sundancer
    Cummins QSC 8.3
    You certainly don’t see new marinas opening up and boating costs will continue to go up as marinas continue to disappear.
     
  20. douglee25

    douglee25 Well-Known Member

    Jan 13, 2008
    Dallas, TX
    Cruisers 3575
    Twin 7.4l
    The interesting thing is, if Sun is truly looking to build condos on marina land at some point, I think they're going to have a difficult time because many marinas are Army Core land. That land can't be developed from my understanding.
     

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