Suntex Cements Florida Dominance with Windward Marina Merger

DALLAS, TX – March 19, 2026 – In a move that dramatically reshapes Florida’s recreational boating landscape, Suntex Marina Investors LLC today announced it has merged with the portfolio of Windward Marina Group, a prominent Florida-based operator. The transaction, facilitated through a joint venture with private equity firm Centerbridge Partners, L.P., adds 13 marinas and over 3,000 boat slips to the Suntex network, pushing its national portfolio to over 100 properties.

This landmark deal solidifies Suntex’s position as a dominant force in the nation's most active boating market. With the addition of Windward’s properties, Suntex now operates 34 marinas across the Sunshine State, creating an expansive and strategically connected network that stretches from the Atlantic Coast to the Gulf Coast and the Panhandle. The merger underscores a powerful trend of consolidation within the marina industry, driven by institutional capital seeking to capitalize on the lucrative and resilient waterfront real estate market.

A New King of Florida's Coastline

The acquisition significantly enhances Suntex's market leadership, making it the largest standalone recreational marina owner in the United States by both marina count and total slips. The newly acquired properties are located in some of Florida’s most desirable boating destinations, including Amelia Island, Jacksonville Beach, St. Augustine, Port Charlotte, and Pensacola. This creates a powerful, interconnected system for boaters traveling along the state’s extensive coastline.

“Today’s announcement is a meaningful step forward in how we grow - intentionally, collaboratively, and with the boater experience guiding every decision,” said Bryan Redmond, CEO & Co-Founder of Suntex. “Together, we are creating a highly connected coastal network with Suntex marinas positioned near major inlets from Miami to Amelia Island.”

This expansion places Suntex in a formidable competitive position. The marina industry, while still featuring many independent operators, is increasingly dominated by a few large, well-capitalized players. Suntex’s primary rival, Safe Harbor Marinas, was acquired by investment giant Blackstone in 2025 for a reported $5.65 billion, highlighting the immense value institutional investors see in these waterfront assets. By aggressively expanding its Florida footprint, Suntex is ensuring it remains a top-tier competitor in a market characterized by high demand and significant barriers to new development.

The Private Equity Tide Lifts All Boats

Behind this merger is the powerful current of private equity, which has been pouring capital into the marina sector for several years. Centerbridge Partners, Suntex’s joint venture partner, has been a key driver of this consolidation strategy. The firm first recapitalized Suntex in 2021 and has since fueled its aggressive growth, including the $400 million acquisition of Westrec Marina in 2022, which was integrated into the Suntex platform.

For investment firms like Centerbridge, marinas represent an almost perfect asset class. They are viewed as stable, infrastructure-like properties that generate resilient, recurring cash flows from slip rentals, which are often secured through annual contracts. High occupancy rates, frequently exceeding 95% in prime coastal locations, add to the financial appeal. Furthermore, the IRS’s classification of boat slip fees as real-estate rents provides advantageous tax treatment, making marinas particularly attractive to large institutional funds.

“This transaction marks another important milestone in executing Suntex’s strategy of expanding in high-growth, coastal markets, particularly in Florida, where demand fundamentals remain favorable and barriers to new supply remain incredibly high,” noted Matt Dabrowski, Senior Managing Director at Centerbridge Partners.

The broader industry context makes this strategy clear. The global recreational boating market is projected to grow from roughly $24 billion in 2024 to over $37 billion by 2033. This rising demand, coupled with a relatively fixed or even declining supply of marina slips, creates a favorable economic environment for owners. By acquiring and consolidating a fragmented market of historically family-owned businesses, private equity-backed firms like Suntex can introduce operational efficiencies, leverage economies of scale, and ultimately drive significant returns for their investors.

The Changing Experience for Boaters

For the thousands of boaters who call these 13 marinas home, the merger signals inevitable change. The companies have been quick to frame this as a positive evolution. Windward Marina Group, which itself grew from a single location to over a dozen in less than seven years, was known for its focus on hospitality and creating vibrant waterfront destinations. Its founder, Stefan Johansson, endorsed the merger as a way to build on that legacy.

“Suntex brings operational depth, brand stewardship, and a long-term mindset that aligns perfectly with how we view the future of our marinas,” said Johansson. “This merger allows us to preserve what makes each Windward marina special while unlocking new opportunities for innovation and guest experiences that will benefit our boaters.”

Suntex plans to thoughtfully introduce its brand standards across the new portfolio, which includes enhanced guest services and technology-enabled communications. The stated goal is to improve access, consistency, and enjoyment on the water while ensuring continuity for local marina teams. However, across the industry, such consolidations often raise concerns among boaters about the potential for rising slip fees and a loss of local character. As corporate ownership focuses on maximizing returns, the cozy, community-centric feel of a family-run marina can sometimes be replaced by a more standardized, and often more expensive, corporate experience.

While Suntex has emphasized a commitment to quality and community, the economic realities of a market with soaring demand and limited supply often lead to price increases. The integration of these premier Windward properties into the larger Suntex network will be a critical test case. Boaters will be watching to see if the promised enhancements in service and amenities justify the potential shift in culture and cost. As Suntex continues its ambitious growth, its ability to balance shareholder expectations with the needs and desires of the boating community will define its long-term success. The merger represents not just a major business transaction, but a pivotal moment for the future of Florida's cherished boating lifestyle.