Skadden, Arps advised Suntex Marinas Investors LLC on its recapitalization led by funds affiliated with private equity firms Centerbridge Partners LP and Resilient Capital Partners LLC.
Simpson Thacher & Bartlett advised Centerbridge, while Winston & Strawn advised Resilient Capital, according to a statement. Fried, Frank, Harris, Shriver & Jacobson advised the selling shareholders on the transaction. No financial details were disclosed.
Dallas-based Suntex calls itself “the largest standalone, pure-play owner of marinas in the United States.” It has 31 marinas that provide boat docking and storage, as well as related services, across 11 states. Over two-thirds of its earnings come from high-growth coastal markets, according to the company.
The recapitalization retains Suntex’s real estate investment trust structure. “This investment allows us to build upon our existing portfolio and continue to focus on acquiring the highest quality marina properties around the globe,” said John D. “Johnny” Powers Jr., the company’s founder and CEO.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
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