Key Takeaways
- • CVC Capital Partners has agreed to sell its stake in D-Marin, a premium marina operator, to InfraVia Capital Partners in a transaction valued at over €1 billion ($1.14 billion USD).
- • D-Marin operates a portfolio of 28 marinas across nine countries, including Turkey, Greece, Croatia, Montenegro, and the UAE, representing a significant European marine infrastructure asset.
- • CVC originally invested in D-Marin in 2020 through CVC Fund VII, achieving a six-year holding period before exiting to InfraVia, a leading independent European private equity firm.
- • Goldman Sachs served as exclusive financial advisor to CVC alongside Clifford Chance as legal counsel; InfraVia received advisory support from Morgan Stanley as financial advisor and White & Case as legal counsel.
Summary
CVC Capital Partners has announced an agreement to sell its controlling stake in D-Marin, a premium marina operator with a diversified geographic footprint, to InfraVia Capital Partners. The transaction is valued at over €1 billion, representing a significant exit for CVC in the European marine infrastructure sector.
D-Marin operates a portfolio of 28 marinas spanning nine countries across the Mediterranean and Middle East regions, including concessions and management contracts in Turkey, Greece, Croatia, Montenegro, and the United Arab Emirates. The asset represents a consolidated platform within the leisure marine infrastructure space, a sector that has attracted increased institutional investment attention in recent years.
CVC originally acquired its stake in D-Marin in 2020 through CVC Fund VII, marking a six-year investment horizon before this exit. The sale to InfraVia Capital Partners reflects ongoing market appetite for stable, cash-generative European infrastructure assets, particularly those with long-term concession agreements and recurring management fee revenue streams.
Goldman Sachs acted as exclusive financial advisor to CVC on the transaction, with Clifford Chance providing legal advisory services. InfraVia's advisory team included Morgan Stanley as financial advisor and White & Case as legal counsel, indicating a fully-supported bilateral process across both buyer and seller representatives. The transaction structure and robust adviser involvement suggest a competitive auction process for this premium marina portfolio.
D-Marin operates a portfolio of 28 marinas spanning nine countries across the Mediterranean and Middle East regions, including concessions and management contracts in Turkey, Greece, Croatia, Montenegro, and the United Arab Emirates. The asset represents a consolidated platform within the leisure marine infrastructure space, a sector that has attracted increased institutional investment attention in recent years.
CVC originally acquired its stake in D-Marin in 2020 through CVC Fund VII, marking a six-year investment horizon before this exit. The sale to InfraVia Capital Partners reflects ongoing market appetite for stable, cash-generative European infrastructure assets, particularly those with long-term concession agreements and recurring management fee revenue streams.
Goldman Sachs acted as exclusive financial advisor to CVC on the transaction, with Clifford Chance providing legal advisory services. InfraVia's advisory team included Morgan Stanley as financial advisor and White & Case as legal counsel, indicating a fully-supported bilateral process across both buyer and seller representatives. The transaction structure and robust adviser involvement suggest a competitive auction process for this premium marina portfolio.
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