CVC Capital Partners has agreed to acquire the Greek, Croatian and the UAE businesses of D-Marin, a Turkish operator of yacht marinas in the Mediterranean and United Arab Emirates. No financial terms were disclosed. The seller is Doğuş Group.
CVC Capital Partners (“CVC”) announces that CVC Fund VII has agreed to acquire the Greek, Croatian and the UAE businesses of D-Marin, a leading operator of premium yacht marinas in the Mediterranean and United Arab Emirates (UAE), from the Doğuş Group, a leading Turkish conglomerate.
Headquartered in Istanbul, Turkey, D-Marin, under concessions or management agreements, is an international operator of premium yacht marinas in Croatia, Greece, Montenegro, Turkey and the UAE, with several new locations identified across its current geographical footprint and beyond. All marinas in Turkey (Turgutreis, Didim and Göcek) will remain under the ownership of Doğuş Group while managed by D-Marin.
István Szőke, Partner at CVC Capital Partners, said: “As our first investment in the sector, we have been attracted to D-Marin given it is a geographically diversified operator of well-invested premium marinas in the Mediterranean and the UAE. Using CVC’s global network and experience in growing companies internationally, we intend to create the leading global premium marina operating company through both organic growth and acquisitions.”
Burak Baykan, CEO of D-Marin, commented: “I am proud of the success achieved by D-Marin to date. Working with Doğuş Group we have put in place a solid foundation, on which we will now plan to build a global group. We are delighted to have secured the support of CVC, a leading global investor, to expand D-Marin internationally and take the company to the next level.”
The transaction will be finalized upon fulfillment of relevant governmental approvals.
About CVC Capital Partners
CVC is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 24 offices and over 500 employees throughout Europe, Asia and the US. To date, CVC has secured commitments of over US$129 billion from some of the world’s leading institutional investors across its private equity and credit strategies. In total, CVC currently manages approximately US$83 billion of assets. Today, funds managed or advised by CVC are invested in 73 companies worldwide, employing over 300,000 people in numerous countries. Together, these companies have combined annual sales of approximately US$100 billion. For further information about CVC please visit: www.cvc.com.