CVC Capital Partners PLC is reportedly collaborating with Goldman Sachs Group Inc. to explore a sale of D-Marin, its Mediterranean marina operator. The buyout firm is seeking a valuation of around €1 billion (approximately $1.2 billion) for D-Marin. This potential sale aims to capitalize on the robust growth in the yacht market, particularly for superyachts, and represents a significant realization for CVC's Fund VII, which acquired D-Marin from Dogus Holding in 2020.
D-Marin is a major player in the yacht marina industry, operating a network of approximately 26 marinas across Europe and the United Arab Emirates. Its portfolio spans key regions including Spain, France, Italy, Malta, Greece, Croatia, Albania, Turkey, and the UAE. The company has seen rapid expansion, adding seven new marinas across the Mediterranean in 2024 and reporting record guest numbers in the previous summer.
The marina operator reportedly generates about €70 million in annual earnings before interest, taxes, depreciation, and amortization (EBITDA). The targeted €1 billion valuation implies a multiple of roughly 15 times EBITDA, showcasing strong private equity appetite for infrastructure-like leisure assets that benefit from recurring revenue profiles and geographic diversification. This exploratory process, while in its early stages, highlights the strategic move to leverage current market conditions.
Sources familiar with the matter, who asked not to be identified due to the private nature of the discussions, have indicated these details. The preparations for a sale are still in their initial phases, and there is no guarantee that a transaction will ultimately result. However, the move signals CVC's intent to cash in on the sustained boom in the superyacht sector.
