CVC Fund VII to acquire D-Marin’s businesses in Greece, Croatia and the UAE
CVC Capital Partners’ (CVC) CVC Fund VII is to acquire the Greek, Croatian and UAE businesses of D-Marin, an operator of yacht marinas in the Mediterranean and United Arab Emirates (UAE), from Turkish conglomerate the Doğuş Group.
Headquartered in Istanbul, Turkey, D-Marin, under concessions or management agreements, is an international operator of premium yacht marinas in Croatia, Greece, Montenegro, Turkey and the UAE, with several new locations identified across its current geographical footprint and beyond. All marinas in Turkey (Turgutreis, Didim and Göcek) will remain under the ownership of Doğuş Group while managed by D-Marin.
István Szőke, Partner at CVC Capital Partners, says: “As our first investment in the sector, we have been attracted to D-Marin given it is a geographically diversified operator of well-invested premium marinas in the Mediterranean and the UAE. Using CVC’s global network and experience in growing companies internationally, we intend to create the leading global premium marina operating company through both organic growth and acquisitions.”
Burak Baykan, CEO of D-Marin, says: "I am proud of the success achieved by D-Marin to date. Working with Doğuş Group we have put in place a solid foundation, on which we will now plan to build a global group. We are delighted to have secured the support of CVC, a leading global investor, to expand D-Marin internationally and take the company to the next level.”
The transaction will be finalised upon fulfilment of relevant governmental approvals.