Key Takeaways
- • CVC Capital Partners is exploring a sale of D-Marin, a premium Mediterranean marina operator, in partnership with Goldman Sachs, targeting a valuation of approximately €1 billion ($1.08–$1.2 billion).
- • D-Marin operates 26 premium marina locations across 9 countries in Europe and the Middle East, generating roughly €70 million in annual EBITDA, implying a potential exit multiple of 14x–15x EBITDA at the rumored price point.
- • CVC originally acquired D-Marin's Greek, Croatian, and UAE businesses from Turkey's Doğuş Hospitality & Retail Group through CVC Fund VII in 2020, with the portfolio now serving over 50,000 high-net-worth customers.
- • The portfolio spans multiple jurisdictions including Turkey, Greece, Croatia, Montenegro, and the United Arab Emirates, positioning it as a geographically diversified asset within the Mediterranean and Middle Eastern leisure hospitality sector.
- • Clifford Chance is advising CVC Capital Partners on the transaction, underscoring the legal complexity of a multi-jurisdictional asset sale within the premium marina market.
Summary
CVC Capital Partners is working with Goldman Sachs to explore a strategic exit from D-Marin, one of Europe's leading premium marina operators, at a target valuation of approximately €1 billion (approximately $1.08–$1.2 billion). The sale process represents a significant liquidity event for CVC Fund VII, which originally acquired the business from Turkey's Doğuş Hospitality & Retail Group in 2020, though the acquisition terms were not publicly disclosed at that time.
D-Marin operates a substantial portfolio of premium yacht marinas across 26 locations spanning 9 countries, with particular concentration in the Mediterranean region and the Middle East. The business caters to a high-net-worth customer base exceeding 50,000 clients and generates approximately €70 million in annual EBITDA. At the target €1 billion valuation, the transaction would represent an exit multiple of 14x–15x EBITDA, reflecting the asset's strategic positioning within the premium leisure hospitality sector and the resilience of ultra-high-net-worth consumer spending patterns.
The portfolio encompasses operations across Turkey, Greece, Croatia, Montenegro, and the United Arab Emirates, providing geographic diversification and exposure to key Mediterranean and Middle Eastern markets. The multi-jurisdictional nature of the asset has necessitated engagement of Clifford Chance to advise CVC on the acquisition and anticipated sale process, reflecting both legal complexity and the institutional sophistication required to manage a pan-regional hospitality platform.
The timing of the sale aligns with CVC Fund VII's maturation cycle and broader private equity exit activity within the leisure hospitality sector. The Goldman Sachs mandate underscores institutional confidence in the asset's market positioning and the addressable buyer universe for premium marina operations, which attract both strategic hospitality groups and alternative asset managers seeking inflation-hedged, consumer-facing infrastructure assets.
D-Marin operates a substantial portfolio of premium yacht marinas across 26 locations spanning 9 countries, with particular concentration in the Mediterranean region and the Middle East. The business caters to a high-net-worth customer base exceeding 50,000 clients and generates approximately €70 million in annual EBITDA. At the target €1 billion valuation, the transaction would represent an exit multiple of 14x–15x EBITDA, reflecting the asset's strategic positioning within the premium leisure hospitality sector and the resilience of ultra-high-net-worth consumer spending patterns.
The portfolio encompasses operations across Turkey, Greece, Croatia, Montenegro, and the United Arab Emirates, providing geographic diversification and exposure to key Mediterranean and Middle Eastern markets. The multi-jurisdictional nature of the asset has necessitated engagement of Clifford Chance to advise CVC on the acquisition and anticipated sale process, reflecting both legal complexity and the institutional sophistication required to manage a pan-regional hospitality platform.
The timing of the sale aligns with CVC Fund VII's maturation cycle and broader private equity exit activity within the leisure hospitality sector. The Goldman Sachs mandate underscores institutional confidence in the asset's market positioning and the addressable buyer universe for premium marina operations, which attract both strategic hospitality groups and alternative asset managers seeking inflation-hedged, consumer-facing infrastructure assets.
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