CVC Capital Partners explores €1.08B D-Marin sale with Goldman Sachs

CVC Capital Partners has engaged Goldman Sachs to advise on a potential sale of D-Marin, the Mediterranean and Gulf marina operator, in a process that could value the company at around €1.08 billion. Discussions are still at an early stage, with no guarantee that a transaction will be completed, according to PE Insights. The advisory engagement is part of CVC’s broader strategy to evaluate exit options for its portfolio assets and ensure that any potential sale is executed efficiently and strategically.

The process highlights the importance of leveraging financial advisers in private equity exits, particularly for infrastructure-like assets such as marinas. By involving Goldman Sachs, CVC signals its intent to explore the market professionally and attract interest from both strategic operators and financial investors.

CVC Capital Partners and market outlook

Bringing in Goldman Sachs allows CVC to structure the potential disposal carefully. The bank’s responsibilities include preparing investor materials, identifying prospective buyers, and managing negotiations in a controlled and confidential process. Such advisory roles are crucial in high-value deals, particularly in sectors with specialized buyers like leisure and marina operators.

D-Marin is currently estimated to be worth approximately €1.08 billion, based on a multiple of roughly 15 times its reported EBITDA of €70 million. This valuation reflects the company’s stable revenue streams, geographical diversification across multiple countries, and growth potential. Investors often value marina businesses highly because of predictable occupancy rates, long-term berthing contracts, and resilience to cyclical tourism demand.

The timing of the sale could be influenced by current market conditions, including investor appetite for infrastructure and leisure-related assets. Private equity sponsors increasingly weigh market sentiment, interest rates, and comparable transactions when planning exits, ensuring that sales capture the highest possible value. The process remains exploratory, and CVC may adjust its approach based on feedback from potential buyers.

D-Marin performance and strategic appeal in CVC Capital Partners’ portfolio

D-Marin operates approximately 26 marinas across key markets in Europe and the Gulf, including Spain, France, Italy, Greece, Croatia, Albania, and the United Arab Emirates. The company specializes in servicing leisure boats and superyachts, providing berthing, maintenance, and other marina-related services. Its geographic footprint and diverse customer base contribute to a resilient revenue profile that appeals to investors.

Since its acquisition by CVC in 2020 from the Dogus Group, D-Marin has expanded both in scale and operational sophistication. Over the past few years, it has added new marinas, improved infrastructure, and invested in digital platforms for customer management. During peak summer seasons, the company has reported high occupancy and increased footfall, demonstrating operational efficiency and strong market demand.

From a strategic standpoint, D-Marin offers potential buyers predictable cash flows and the opportunity to consolidate a fragmented marina market. The combination of tourism-driven revenue, long-term berthing contracts, and expansion potential makes it an attractive proposition for both strategic operators and financial investors seeking infrastructure-like returns.

Potential sale of D-Marin: process and market considerations

CVC Capital Partners manages a diversified portfolio across sectors and geographies, and exits like D-Marin are key components of fund strategies aimed at realising returns for investors. Private equity firms often hold infrastructure-type assets for several years, enhancing operations and expanding market share before exploring divestments.

Infrastructure-linked leisure businesses, such as marinas, have become increasingly attractive amid stable tourism trends and predictable earnings. However, macroeconomic factors, financing costs, and broader capital markets conditions can influence the timing and pricing of transactions. Sponsors and advisers alike monitor these dynamics closely to determine the optimal window for disposal.

By engaging Goldman Sachs, CVC is positioning D-Marin for a structured exit that can attract a broad set of potential buyers while maintaining flexibility. The advisory relationship also allows the firm to obtain market intelligence, assess valuation expectations, and gauge buyer appetite before committing to a formal sale process.

CVC Capital Partners’ engagement of Goldman Sachs for a potential €1.08 billion disposal of D-Marin demonstrates a measured approach to portfolio management and strategic exits. While discussions are still preliminary, the process underscores the value of professional advisory in private equity transactions, especially for specialized assets like marinas. Market interest, asset performance, and broader investor sentiment will determine whether the disposal progresses and at what valuation, highlighting the careful balancing act between maximizing returns and timing exits effectively