Bain Capital, BlueWater Marinas Acquire Coastal Marinas

Bain Capital and its strategic partner BlueWater Marinas have significantly bolstered their East Coast marina portfolio with the acquisition of two prime waterfront assets. The joint venture has secured Mystic River Marina in Connecticut and Ripley Light Drystack Marina in South Carolina, marking their sixth and seventh combined acquisitions. This strategic expansion targets high-demand coastal boating hubs, reinforcing the platform's presence in key recreational markets.

The addition of Mystic River Marina, a historic, family-operated facility in Connecticut, brings a legacy of service spanning nearly seven decades. This full-service marina, known for accommodating larger vessels and offering extensive amenities including wet slips, dry storage, a service department, and retail, represents a significant capture in a sought-after Northeast boating destination. The Garbarino family's multi-generational stewardship underscores the marina's deep community roots and consistent demand.

Complementing the Northeast acquisition, Ripley Light Drystack Marina in Charleston, South Carolina, enhances the venture's dry storage capabilities. This facility, situated conveniently near downtown Charleston, provides 220 dry storage slips for vessels up to 40 feet. Its comprehensive offerings, including valet launch services, fuel, maintenance, and a boat club, cater to the vibrant Lowcountry boating community, solidifying its position as a premier destination.

Dunston Powell, a Principal at BlueWater Marinas, highlighted the strategic alignment of these acquisitions with the company's objective to secure high-caliber marinas in core coastal markets. He emphasized the durable demand, established operational histories, and recurring revenue models characteristic of these properties. Powell expressed enthusiasm for integrating the acquired teams and continuing investment in customer experience.

Andrew Terris, a Partner at Bain Capital Real Estate, commented on the persistent attractiveness of marina real estate, particularly for premium assets in mature boating markets where new development is constrained. He noted that Mystic River and Ripley Light are valuable additions, each possessing unique historical significance and community importance. Terris affirmed Bain Capital's commitment to partnering with BlueWater Marinas to enhance these successful operations and strategically grow the portfolio.

The marina sector, a segment of the broader recreational real estate market, has demonstrated resilience, driven by increasing boat ownership and a desire for accessible, high-quality waterfront experiences. The East Coast, with its extensive coastline and established boating culture, remains a focal point for investment. This latest move by Bain Capital and BlueWater Marinas signals continued confidence in the sector's long-term growth prospects and the value of consolidating premium assets.