SAVANNAH YACHT CENTER JOINS SAFE HARBOR MARINAS

DALLAS, March 23, 2023 /PRNewswire/ -- Safe Harbor Marinas has acquired the Savannah Yacht Center, a premier superyacht storage and service destination, in a transaction where consideration took the form of securities in Safe Harbor's parent company, Sun Communities Inc. 

"This is an outstanding addition to our network. The world's largest vessels have historically been forced to cross the Atlantic for certain services. This facility allows us to serve them with excellence here in the United States and inside the Safe Harbor network," said Baxter Underwood, CEO of Safe Harbor Marinas.

The Savannah Yacht Center can accommodate the largest superyachts in the Western Hemisphere. It includes a 140-meter graving dock, a 3,240-ton shiplift, and 366 meters of floating docks that can simultaneously accommodate 8, 80-meter superyachts.

"We're always searching for better ways to serve the superyacht builders, OEMs, owners, captains and crews," said Tim Sargent, EVP of International Operations at Safe Harbor Marinas. "Savannah allows us to do exactly that."

The highly modern yacht facility is expected to remain in operation seamlessly as ownership changes hands and its 50 employees will become of Safe Harbor Marinas team members.

"We are incredibly proud of the team at Savannah Yacht Center and their many accomplishments," said Christian Demere, President and CEO of Colonial Group, Inc. "While it was a great experience building this business, I did not believe we were best positioned to allow it to reach its full potential. I am confident that it will reach new heights as part of Safe Harbor Marinas."

A fourth-generation family-owned business founded in 1921, Colonial Group Inc. is a diversified energy and port-related company headquartered in Savannah, Ga., and one of America's largest privately-held companies. Over the years, the business has diversified to be the umbrella company of subsidiaries operating in numerous states spanning diverse business sectors. They include Colonial Oil, Colonial Terminals, Colonial Fuel & Lubricant Services, Enmarket, Colonial Energy, Colonial Chemical Solutions, Colonial Towing, Aqua Smart and Crown Carbon Reduction Technologies. In 2021, the company marked its 100th anniversary by celebrating with its dedicated team of more than 2,000 employees, giving to hometown causes and observing historical milestones.

For more, please visit: https://colonialgroupinc.com

Safe Harbor is the largest owner and operator of marinas in the world. The company is dedicated to providing exceptional service and memorable experiences to the global boating community. Safe Harbor's network includes 135 premier waterfront destinations in 24 states and Puerto Rico.

For more, please visit: https://shmarinas.com | Media contact: [email protected]

Cautionary statement regarding forward-looking statements

This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and Sun Communities, Inc. and/or its affiliates ("Sun") intend that such forward-looking statements will be subject to the safe harbors created thereby. Forward-looking statements can be identified by words such as "will," "may," "could," "expect," "anticipate," "believes," "intends," "should," "plans," "estimates," "approximate," "guidance," and similar expressions in this press release that predict or indicate future events and trends and that do not report historical matters.

These forward-looking statements reflect Sun's current views with respect to future events and financial performance, but involve known and unknown risks, uncertainties, and other factors, some of which are beyond its control. These risks, uncertainties, and other factors may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include the effects of the COVID-19 pandemic and related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations; national, regional and local economic climates; difficulties in the ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully; the ability to maintain rental rates and occupancy levels; competitive market forces; the performance of recent acquisitions; changes in market rates of interest; changes in foreign currency exchange rates; the ability of purchasers boats to obtain financing; and the level of repossessions by boat lenders. Further details of potential risks that may affect Sun are described in its periodic reports filed with the U.S. Securities and Exchange Commission, including in the "Risk Factors" sections of its Annual Report on Form 10-K for the year ended December 31, 2020.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included in this press release, whether as a result of new information, future events, changes in its expectations or otherwise, except as required by law.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by these cautionary statements.

SOURCE Safe Harbor Marinas