On February 2, Suntex Marina Investors and Westrec Marinas announced that they were merging. According to The Wall Street Journal, the merger has been valued at $2.5 billion.
“Years ago, we realized the many synergies between Westrec Marinas and Suntex,” Bryan Redmond, CEO, Suntex Marina said in a press release. “The most rewarding part of this merger is knowing we now have added another whole network of marinas who share our core values and together we are poised for a fantastic future.”
Suntex, which has over 100 years of combined experience of the management team, has marinas in 12 U.S. states, including Florida — including Bahia Mar Yachting Center and Las Olas Marina in Fort Lauderdale — California, Texas, and New York.
Since opening its doors in 1987, Westrec has become one of the world’s largest owner-operators of marinas and marine-related businesses. “We pride ourselves on having the most authoritative marina operating experience in the business,” Bill Anderson, President, Westrec Marinas, said in the press release. Westrec has facilities in fresh- and saltwater environments in seven U.S. states and operates Hall of Fame Marina, Sunrise Harbor Marina, Harbour Towne, and Yacht Haven Park and Marina in Fort Lauderdale.
“Suntex brings significant innovations and more streamlined tools and processes for daily operations. In addition, they have meaningful reporting and financial forecasting with real-time data, a more established communications and marketing effort, as well as additional capital to invest in repair and maintenance and capital expenditures for major projects at our current marinas. Together we have an unlimited opportunity to grow and prosper,” Anderson said.