Marbella's Puerto Banús finalises sale to strategic partner in order to expand its business across Europe

Back in April, the company engaged EY as its financial adviser to begin planning the transaction, which has taken the form of an offer to a small group of investors. Sources in Puerto Banús have confirmed to Sur that this process is "at an advanced stage of negotiation", with the aim of "bringing in a strategic investor to drive and finance the company's next phase of growth".

Green Street News, an English-language media outlet specialising in financial news, reported this week that talks were under way with "a British investor", while El Confidencial specified that this refers to the investment fund Intermediate Capital Group and even put a figure on the deal: around 150 million euros, including "earn-outs" (a clause in company sale agreements where payment of part of the total price is deferred and made conditional upon the business achieving certain future performance targets).

Sources at Puerto Banús, however, have merely stated that the deal, while "at an advanced stage", has not yet been finalised, meaning that the selected strategic partner and the terms need not necessarily be as described.

The deal would bring to an end more than four decades of exclusive control by the Vidiella family and usher in a new era of expansion for one of the most recognisable names in European luxury. The company operates under a 99-year concession for the construction and operation of the port, which the Ministry of Public Work granted to José Banús in 1967. It does not expire until 2066.

With 915 berths and 42 commercial premises generating an annual turnover of more than 300 million euros, the company achieved a turnover of around 20 million euros last year and gross profits of ten million euros. The plan aims to double the business within four or five years, according to information from El Confidencial, which notes that the goal is to manage five marinas by 2030 and 15 by 2035.

The deal marks a historic change for an asset that has remained in the hands of the Vidiella family since 1983. The timing is no coincidence: the deal comes at a time of strong investor interest in marinas.

Until a few years ago, the sector remained fragmented and dominated by family-run operators, but the shortage of moorings, particularly for yachts and superyachts, recurring business revenue, sustained demand, long-term concessions, the potential for consolidation and the professionalisation of management are all factors that have attracted investors' interest.

One example is Blackstone becoming the world's largest operator in February last year, when it acquired 138 ports in the US and Puerto Rico for 52.5 billion euros, or French fund InfraVia Capital Partners acquiring in July a network of 28 marinas in nine countries for over one billion.

Puerto Banús is seeking to position itself in this market, which is currently undergoing consolidation, with the Marbella marina acting as a flagship brand and asset through which to drive its growth.

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