Select Case Studies
Partnering with best-in-class operators to aggregate marina assets across the U.S.
Sector: Marinas / Niche Storage
Investment Type: Asset Roll-Up
Status: Active
Website: www.grovepointmarinas.com
“Thayer Street has been a great partner in our journey of building an institutional acquisition platform. Their understanding of business growth, particularly as it relates to the nuance of acquiring family-owned businesses, has benefitted us as we’ve scaled our company and team.”
– Taylor Kushner, Co-founder & Managing Partner, Grove Point Marinas
Company Overview
Grove Point Marinas (“Grove Point”) is an institutionally-backed holding company that acquires and operates high-quality marinas around the U.S. The marina industry has a relatively fixed supply, and demand for boat storage continues to grow, supported by demographic trends and net migration patterns towards coastal and lakefront regions.
Grove Point strives to be the most trusted acquirer of family-owned marina properties in North America.
Thayer Street Value Creation
As part of its focus on real estate services, Thayer Street had developed a thesis on and strategy for building a best-in-class, scaled marina operator. In 2021, after selling an existing investment in a portfolio of marina assets to a publicly traded REIT, Thayer Street, in partnership with Grove Point’s founding management, incubated and launched a de novo boat storage platform that would aggregate and institutionalize “mom-and-pop” owned marina assets across the U.S. Thayer Street collaborated with the management team and leveraged analogs from other M&A-intensive investments of Thayer Street’s to develop a customized acquisition framework and process.
The Results
In partnership with Thayer Street, the Company has made strong progress in executing its strategy since launching in December 2021:
- acquired assets in 9 states as of Nov 2023
- grew from a founding team of 2 to close to 20 corporate employees
- maintained 95%+ employee retention amongst acquired marinas
Grove Point continues to actively pursue opportunities to expand its portfolio across the U.S.
The portfolio companies presented are not intended to be a representative sample of all portfolio companies that Thayer Street has worked with or invested in. The statement quoted above was made by the co-CEO of Grove Point Marinas, Taylor Kushner. Mr. Kushner has not received compensation for the above statement and this statement is solely his opinion and representative of his experience with Thayer Street. Other portfolio company executives may not necessarily share the same view. It should not be assumed and there is no guarantee that Thayer Street’s investment in the referenced portfolio company or other portfolio companies has been or will ultimately be profitable.