The Lauderdale Marine Center is the largest facility dedicated to the service and upgrading of luxury yachts. Located in Fort Lauderdale, the facility was recently acquired by the global investment corporation The Carlyle Group.
Not only is the LMC the biggest yacht repair facility, but also one of the largest marine repair buildings in all of Florida. Capable of managing and servicing luxury vessels up to 200 feet, the facility has over 19 work bays and over 156 in-water slips to provide up to 7,000 linear feet of dockage.
Releasing their official statement on the acquisition on July 2nd, the US based corporation has been estimated to pay between $140 to $150 million dollars. According to statements released by the company, they are setting their aim at upgrading the facility and using it as a foothold to Southeast Florida.
“In partnership with the outstanding management team and staff at LMC, we will build upon LMC’s success through growth and continued innovation and superb customer service,” said Thad Paul, managing director at The Carlyle Group. “Favorable demand trends in the mega-yacht industry and the high barriers to entry for new supply in attracted us to the investment.”
With plans to renovate and expand the current facilities to include the adjacent River Bend boatyard, The Carlyle Group looks to pave the way for increased service of superyachts and large scale fleet service.
Many subcontractors and companies from insurance companies as well as on-site contractors also lease space from the LMC, positioning The Carlyle Group in the growing market segment of luxury yachts.
Florida has also joined the cause by passing a bill for allowing owners to write off portions of their local yacht repair. With an estimates topping out at over 11.5 billion dollars, there is serious money in the luxury boating business.
The yacht refit business in Florida recently received a boost as Florida passed a yacht repair tax cut. The yachting industry is a major boon to the Florida economy, with an estimated output of $11.5 billion in South Florida alone.
It’s not hard to see that The Carlyle Group becomes a major player in the acquisition of the 50 acre complex, and it only looks to get bigger. The benefit to the local economy is extremely positive and the acquisition of the Lauderdale Marine Center is just one small part of the overall equation.
The center also houses a large marine service center that over 60 vendors and companies call home. From fiberglass repair and mechanical services as well as marine insurance and repair, if your marine vessel is damaged or requires attention there are plenty of services to assist you here.
State of the art facilities at the LMC will look to provide a long term successful operating model for sustained growth.