Aquavista expands portfolio with marina group deal in West Sussex

03 December 2021

LDC-backed Aquavista, a residential and leisure mooring provider, has acquired a West Sussex-headquartered counterpart in a deal which opens up new growth opportunities across its marina estate.

The acquisition of Castle Marinas expands Aquavista's portfolio nationwide with an additional footprint of 11 marinas, including Crick Marina and Birdham Pool Marina at Chichester Harbour.

Following the deal, Aquavista's offering will provide 29 marinas and more than 5,000 marina berths UK-wide, at both inland and coastal locations.

Steve de Polo, Long Eaton-based Aquavista's chief executive, said: "Since 2019, Aquavista has focused on a strategy of growing the business through investment in our growing residential moorings and improving marina facilities for all our customers. The acquisition of Castle Marinas opens up additional new growth opportunities across our marina estate.

"The size and structure of this acquisition will enable Aquavista to invest significantly across our whole marina estate. This will enhance the product and service for our customers and help us to deliver on our mission to provide a great waterside experience, whether you live, visit, or work at an Aquavista marina.

"Both Castle and Aquavista have strong customer-focused approaches and combining the two businesses is a natural fit."

Mike Braidley, operations director at Castle Marinas, added: "Castle Marinas is very pleased to have reached an agreement with Aquavista. It is clear how closely our mission statements align.

"This transaction will support our waterside teams to continue providing a friendly, helpful and professional service at all our locations."

The investment was funded by mid-market private equity firm LDC. Debt facilities were provided by Barings.

LDC partnered with Aquavista in December 2018 to support targeted capital investment across the marina estate. Since then, the business has invested more than £3m to improve its marina facilities.

David Bains, investment director at LDC, said: "Aquavista is one of the most respected operators in its sector thanks to its customer-focus.

"We are enjoying working alongside Steve and his team to grow the business by investing in its estate, and this acquisition represents a significant milestone in establishing the firm as the market leader."