Megafunds creating exit tailwind for smaller marina PE firms

Blackstone's $5.65B Safe Harbor acquisition is reshaping marina M&A by creating a new exit tier for mid-market sponsors. Firms that aggregated 5-15 marinas can now sell upstream to capital providers deploying billions at scale. KSL Capital's exit of Southern Marinas to Stonepeak ($700-800M) is the template. Expect more platform-level exits as Blackstone, Bain, and Centerbridge compete for quality marina portfolios.