Monarch Alternative Capital LP, a global investment powerhouse with roughly $11 billion of managed assets, has announced the formation of Go Outdoors.
This platform aims to acquire, develop, and operate marinas and RV resorts throughout the United States.
Embarking on this ambitious journey, Monarch launched Go Outdoors with the financial restructuring of two large-scale portfolios.
The investment firm has teamed up with Safe Harbor Development, a renowned operator in the recreational development field, to oversee these existing portfolios and bolster the platform’s growth through strategic acquisitions and systematic development.
Initially, Go Outdoors will manage 11 marinas and 4 RV resorts, with more than 5,500 marina slips and in excess of 500 RV pads in its portfolio.
These properties, scattered across Georgia, New York, Pennsylvania, and Tennessee, are set to offer guests premium services and a plethora of amenities, emphasizing quality and guest experience.
The investment firm points to attractive industry fundamentals, including a stringent regulatory environment, scarcity of available land, and high capital intensity for new developments, which create high barriers to entry and restrict the supply of new marinas and RV resorts.
Furthermore, changing consumer preferences towards leisure experiences, supported by rising recreational boat registrations and RV ownership, have stoked demand for docking, storage, and RV pad rentals.
The establishment of the Go Outdoors platform aims to harness these factors, providing robust operating capabilities, benefits of scale, and long-term capital commitment.
These elements will drive the acquisition of more properties throughout the US, taking advantage of the highly fragmented marina and RV resort market.
Ian Glastein, managing principal and co-head of Real Estate at Monarch, shared his excitement about the platform’s launch and its well-timed entry into the marina and RV industries. He stated, “The launch of our marina and RV platform comes at a dynamic time for the industry given the attractive supply-demand fundamentals and increasing industry consolidation. We are excited to be partnering with Safe Harbor Development, who we believe is a best-in-class operator and pioneer within both the marina and RV resort spaces and will help us achieve our growth and execution objectives,” said Glastein.
“We believe our asset management expertise and access to capital will support the continued success of the platform and favorably position us to capitalize on this unique opportunity set.”
Echoing the optimism, Darby Campbell, founder and president of Safe Harbor Development, highlighted the strategic alignment between the two organizations.
Founded in 2002, Monarch Alternative Capital LP has a history of seeking out unique opportunities and distressed situations across various market segments, including corporate debt and real estate. On the other hand, Safe Harbor Development, a stalwart in the recreational development industry, brings its extensive experience to the collaboration, promising an exciting future for the Go Outdoors platform.
