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Rybovich Marina Acquired By Safe Harbor Marinas

Discussion in 'Marinas & Waypoints' started by Yacht News, Jan 4, 2021.

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  1. Yacht News

    Yacht News YF News Editor

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    The popular Rybovich Marina has been acquired by Safe Harbor Marinas. "The vision we brought to Palm Beach County back in 2004 was to create the premier US destination servicing the superyacht industry. That vision has just been super-charged by Safe Harbor Marinas," Rybovich owner and CEO Wayne Huizenga Jr said.

    https://shmarinas.com/

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  2. olderboater

    olderboater Senior Member

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    Translation of "Vision has been supercharged" is "Vision has been monetized."

    Although my understanding is that much of it is in the form of Safe Harbor stock.
  3. MBevins

    MBevins Senior Member

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    At the end of the day this is never a good thing, except MAYBE for the seller if can get his desired deal.
  4. olderboater

    olderboater Senior Member

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    There are buyers that turn out to be excellent for companies and their customers. Just haven't seen that from Safe Harbor.
  5. MBevins

    MBevins Senior Member

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    Unfortunately history has shown that many venture capital purchased companies don't do well after the purchase. They may may make more money fore the short term but that eventually stood, then they start stripping the company and leave the carcass.
  6. Beau

    Beau Senior Member

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    Safe Harbor has been in the marina business for quite few years now. In my experience they have substantially improved the marinas they own where we have stayed. Even the Brewer portion of its NE portfolio. Seems to me from the materials I've read, it is a well capitalized company and in it for the long haul. Maybe waterfront residential in the future? I wouldn't categorize them as a VC venture, though? It is has its own business model and invests and operates what it acquires.
    PBBoater likes this.
  7. RER

    RER Senior Member

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    A plan for expansion via additional locations. So they say. I assume that means buying more boatyards and operating them under the Rybovich name. Does it mean continuing the current business model of servicing the Superyacht segment exclusively?
  8. Capt Ralph

    Capt Ralph Senior Member

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    "Not only are our people continuing at Rybovich," said Carlos Vidueira, who will oversee Safe Harbor's superyacht marinas "but we will have access to more resources and a larger, growing network. Our commitment to our community, our team members and their families, and to the yacht owners, their captains and crews has never been stronger. We've been searching for the right way to serve them all from a larger platform and we've found it."


    "Our plan is to serve Rybovich with excellence so they, in turn, can do what they do so well at more locations throughout the country and perhaps the world," said Baxter Underwood, CEO of Safe Harbor. "We are humbled and honored to be on their team."


    I feel I need boots every time I read this. Maybe waders. Soon a re-breather.
    Safe Harbor; More resources? Just more docks under their management.
    Rybovich; Do so well through out the country/world? Do what?

    After surviving many mergers and take overs during my first career, Things like this hardly comforts anybody but the seller and buyer.
    The leftovers, the work force, are now under more bean counters than Carter has pills.
    And customers have to pay more to settle the new mortgages.
    Rybovich ship building and repairs just went away. Their EX employees just went out to the country / world.
  9. Beau

    Beau Senior Member

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    Safe Harbor facilities are not discount marinas. But from what we have experienced, Safe Harbor brings superior decking materials for the docks with very good construction and hardware, upgraded landside facilities including building, grounds, pools and covered and neat BBQ areas to name a few. The managers have been hands on with trained dock attendants that actually know how to handle your line. I have no connection to the company other than as a user of a few of its maritime properties. And so far as I'm concerned SH has made our cruising experiences better - and that's good for me!

    Don't know what its game is with this particular marina, but I'd bet it will add to the "sport".
    Last edited: Jan 4, 2021
  10. olderboater

    olderboater Senior Member

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    Well, you do understand that Safe Harbor was their second time around after repurchasing some of the marinas from the first company which they bankrupted? Safe Harbor was built by venture capitalists. Nothing inherently bad about that. Still I was never sure they could weather another recession if one hit. However, ......

    Since they were acquired by Sun Communities, the financial situation has changed dramatically. Very solid. Now what isn't known is how Sun might change Safe Harbor. Sun had a huge portfolio in manufactured housing and RV communities but is well financed. So, the venture capitalist capitalized and now we'll see what the company is over the long haul.
  11. rtrafford

    rtrafford Senior Member

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    Well, with Derecktor ramping up their game big time in Ft Pierce, maybe they can tap that talent to add to their new facility? Ft Pierce is ripe for expansion on vessel service and support.
    MSD likes this.
  12. Beau

    Beau Senior Member

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    No argument, but most VC's only provide capital. They aren't operators. I suppose I was talking more about its run up to setting up the acquisition by Sun. Our experience with them over the last few years has been very positive. Don't know its debt to equity ratio. That would tell us something about weathering a recession. But that's true of any business. Plus SH is "land banking" in a way, unless its leasing everything.

    Anyway, more to the point of this thread, we had good experiences visiting Safe Harbor facilities and hope that holds true for its latest acquisition. We have a modest SF, Megayachts and its professionals probably have different concerns than me.
  13. Capt Ralph

    Capt Ralph Senior Member

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    You may be right on target with this.
    Been a fan of the area for a long time. The new service facilities in Ft Pierce, straight in the inlet, will be assume.
  14. olderboater

    olderboater Senior Member

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    Their equity exceeds their debt, something like 47/53.
    Current ratio about 1.8.

    Tangible book value of $3.7 billion as their assets are tangible properties for the most part.
  15. Hatterized

    Hatterized Member

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    long live the RYBO name, truist can relate Slane with Hatteras, their names will live on, yet will their quality ?
  16. PBBoater

    PBBoater New Member

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    "Rybovich ship building and repairs just went away. Their EX employees just went out to the country / world."

    Categorically false statement.