SUNTEX MARINAS ANNOUNCES TRANSACTION WITH WESTREC MARINAS

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Feb 02, 2022, 10:43 ET

DALLAS, Feb. 2, 2022 /PRNewswire/ -- Suntex Marina Investors, LLC (Suntex), the premier owner and operator of best-in-class marina properties, announced today its transaction to join forces with established marina management company, Westrec Marinas.

One of the world's largest owner-operators of marinas and marine-related businesses, Westrec Marinas provides professional management services to its properties, affiliates and clients. Founded in 1987, Westrec owns and manages marina facilities located both in fresh and salt-water environments, handling vessels ranging in size from personal watercraft to megayachts. Management strategies unique to Westrec have been incorporated into its corporate philosophy throughout Westrec's history. Customer service, its most important product, has remained a core company value since day one.

"Years ago, we realized the many synergies between Westrec Marinas and Suntex," said Bryan Redmond, CEO, Suntex Marinas. "Westrec Marinas' vision of offering the best in customer service and amenities, along with a memorable experience out on the water, align perfectly with our vision. The most rewarding part of this merger is knowing we now have added another whole network of marinas who share our core values and together we are poised for a fantastic future."

"We pride ourselves on having the most comprehensive and experienced marina operating team in the business," said Bill Anderson, President, Westrec Marinas. "Suntex brings significant innovations and more streamlined tools and processes for daily operations. In addition, they have meaningful reporting and financial forecasting with real-time data, a more established communications and marketing effort, as well as additional capital to invest in repair and maintenance and capital expenditures for major projects at our current marinas. Together we have an unlimited opportunity to grow and prosper."

"Our Suntex team could not be more encouraged regarding our partnership with Westrec," said Johnny Powers, Chairman of the Board, Suntex Marinas. "Westrec's decision to combine forces with Suntex is proof that relationships, culture and integrity are paramount."

"Since partnering with Suntex in March 2021, we have worked to help accelerate the Company's continued growth," said William Rahm, Senior Managing Director and Head of Real Estate at Centerbridge Partners and Director on Suntex's Board. "This transaction brings together two leading teams and businesses in the marina sector, where we continue to see significant growth opportunities to serve the increasing demand for boating and leisure activities."

The Suntex portfolio includes marinas located in California, Florida, Georgia, Iowa, Kentucky, Maryland, New Jersey, New York, Oklahoma, Texas, Tennessee and Virginia. For more information on Suntex Marina Investors LLC, or the complete portfolio of Suntex marinas, please contact or visit www.suntex.com.

About Suntex Marina Investors, LLC – Suntex Marinas engages in the ownership and management of marina properties. The executive officers at Suntex have over 100 years combined experience investing in, acquiring, and managing marinas. Suntex prides itself on a growing reputation in the marina industry for its commitment to superior customer service, experienced marina managers and staff, conscious contributions to marina communities and expansive enthusiasm for creating memorable experiences on the water. www.suntex.com

SOURCE Suntex Marinas