Bain Capital Acquires Premier Chesapeake Marina in High-Stakes Deal

KENT NARROWS, MD – January 09, 2026 – In a move that highlights a major investment trend reshaping the recreational marine industry, the partnership of Bain Capital Real Estate and BlueWater Marinas has announced its acquisition of Kent Narrows Boatel, a premier, Class-A drystack marina on the Chesapeake Bay. The deal, the fourth for the joint venture, brings a beloved local boating hub into the portfolio of one of the world's leading private investment firms, signaling a new era of corporate ownership for high-end marine assets.

Opened in 2017, the Kent Narrows Boatel (KNB) quickly established itself as a cornerstone of the regional boating community. The state-of-the-art facility, with its 375 slips and unique climate-controlled indoor storage, became a sought-after destination for boat owners from Annapolis, Washington D.C., Baltimore, and Philadelphia. The acquisition places this strategic asset under the control of a powerful partnership aiming to build a distinguished portfolio of marinas along the East Coast.

“Kent Narrows Boatel is an outstanding addition to our growing portfolio,” said Andrew Terris, a Partner at Bain Capital Real Estate, in a statement. “The property’s offerings, location, and modern infrastructure align perfectly with our strategy of investing in high-quality marinas in premier boating markets.”

The Private Equity Wave on the Waterfront

The acquisition of KNB is not an isolated event but a prime example of a larger, transformative trend: the influx of institutional capital into the marina sector. Once considered a niche market dominated by local owners and small operators, marinas are now a hot commodity for private equity firms and institutional investors. These firms are drawn to the industry's strong fundamentals, including high barriers to entry for new construction, a finite supply of waterfront real estate, and surging consumer demand for outdoor recreation that accelerated during the pandemic.

Bain Capital Real Estate, which formed its joint venture with BlueWater Marinas in 2024, is executing a clear “buy-and-build” strategy. The partnership targets high-quality, storage-centric properties in prime locations, aiming to create a best-in-class portfolio through professional management and capital improvements. This strategy mirrors moves by other major players like Blackstone, which acquired Safe Harbor Marinas, the world's largest marina owner and operator. These investors see an opportunity to consolidate a fragmented industry, improve operational efficiencies, and capitalize on the stable, recurring revenue streams from slip rentals, storage fees, fuel sales, and services.

The BlueWater Marinas team, composed of seasoned executives from successful firms like PORT 32 Marinas and Atlantic Marina Holdings, provides the operational expertise crucial to this model. Their role is to enhance the customer experience and streamline management, leveraging technology and best practices to unlock value from the acquired assets. The partnership's portfolio already includes facilities in prime Florida markets like Pompano Beach and Englewood, making the Chesapeake Bay a strategic next step in its East Coast expansion.

A Jewel on the Chesapeake

To understand why KNB attracted such high-profile buyers, one must look at what its founders, local entrepreneurs Rob Marsh and Jody Schulz, built. Opening its doors in 2017, KNB was designed from the ground up to be a modern, service-oriented facility. Its most significant feature is the massive, heated indoor drystack building, which protects vessels from the harsh sun, salt, and weather of the Chesapeake Bay. This level of protection not only preserves a boat's value but also eliminates the need for costly traditional winterization, effectively extending the boating season for its members.

Beyond storage, KNB cultivated a reputation for impeccable, concierge-level service. Customers consistently praise the professional staff and the convenience of a dedicated mobile app that allows them to schedule a boat launch with a simple click. This seamless “valet” service—where a boat is moved from its storage rack to the water, ready for departure—has been a major draw, allowing owners to maximize their time on the water and minimize the hassles of boat ownership. The facility also features over 12,000 square feet of commercial space, floating docks, and a well-stocked ship's store.

Its location is another key asset. Situated on Kent Island just off the Bay Bridge, the marina provides unparalleled access to the upper Chesapeake's most popular destinations for fishing, watersports, and waterfront dining. This convenience has made it a hub for a wide geographic area, attracting discerning boaters willing to pay a premium for quality and accessibility.

Dunston Powell, BlueWater Principal and Head of Acquisitions, acknowledged the legacy of the founders. “Rob Marsh and Jody Schulz have built a phenomenal reputation for this site as its developers, owners, and operators,” he noted. “Today, KNB is one of the highest quality marinas in the Mid-Atlantic.”

What's Next for Kent Narrows Boaters

With any change in ownership, especially when a local business is acquired by a national investment firm, questions arise within the community about the future. For the members of Kent Narrows Boatel and the broader local boating community, the transition appears focused on enhancement rather than radical change.

BlueWater Marinas has signaled its intention to build upon the strong foundation laid by the original owners. In his statement, Powell added, “We look forward to working with the onsite team and further enhancing the customer experience for boaters throughout the region.” This suggests a commitment to retaining the skilled staff who have been integral to KNB’s success and maintaining the high service standards customers have come to expect.

For boaters, the acquisition will likely translate into continued investment in the property’s infrastructure and amenities. Institutional owners like Bain Capital have the resources to fund significant capital improvements that might be beyond the reach of smaller operators. This could mean upgrades to technology, docks, and customer facilities, further solidifying KNB's position as a top-tier marina. The focus will be on leveraging BlueWater's management expertise to refine operations, potentially improving efficiency during peak times and expanding service offerings.

The acquisition reflects the new reality of the recreational boating world, where demand for high-quality facilities far outstrips supply, leading to high occupancy rates and long waitlists at premier marinas. By bringing KNB into a larger, well-capitalized network, Bain Capital and BlueWater are betting they can meet and exceed the expectations of a growing and increasingly sophisticated boating clientele, ensuring the marina remains a vital asset for the Chesapeake Bay for years to come.