CVC Capital Partners has agreed to sell D-Marin to InfraVia Capital Partners at a reported valuation of €1 billion to €1.5 billion, according to Financial Times sources. The official transaction value has not been disclosed. The transaction is expected to close in 2026, subject to customary regulatory approvals.

D-Marin is a premium marina platform operating 28 marinas across 9 countries in the EMEA region, with more than 14,300 berths, over 50,000 annual customers, and 12 professional boatyards. The platform has its origins in Turkey's Doğuş Group, which built the marina business as part of its broader tourism and hospitality portfolio. CVC acquired D-Marin from Doğuş Group in 2020 and has since grown the platform through operational improvements and geographic expansion.

Doğuş Group Origins

D-Marin was developed by Doğuş Group, one of Turkey's largest conglomerates, as part of its tourism and hospitality division. Doğuş built D-Marin into a regional marina platform with flagship assets in Turkey — including the marinas at Didim, Göcek, and Turgutreis — and expanded into Greece, Croatia, Montenegro, the UAE, and other EMEA markets.

The Turkish marinas represent some of D-Marin's most strategically valuable assets. Göcek, on Turkey's Aegean coast, is one of the premier superyacht destinations in the Mediterranean. Didim and Turgutreis serve the broader Aegean leisure sailing market. These assets benefit from Turkey's position as a major yachting destination, with a long coastline, favorable climate, and growing international visitor base.

CVC's 2020 Acquisition and Value Creation

CVC acquired D-Marin from Doğuş Group in 2020. The acquisition was part of CVC's broader infrastructure and leisure strategy, and reflected a thesis that premium marina infrastructure — with its combination of recurring revenue, high barriers to entry, and exposure to the growing superyacht and leisure sailing market — was undervalued relative to other infrastructure asset classes.

During CVC's ownership, D-Marin expanded its geographic footprint, improved operational performance, and developed its boatyard and marine services business. The reported €1–1.5 billion exit valuation represents a significant value creation from CVC's 2020 entry.

InfraVia Capital Partners

InfraVia Capital Partners is a European infrastructure-focused private equity fund manager. InfraVia's acquisition of D-Marin reflects the increasing interest of infrastructure funds in leisure infrastructure assets — marinas, ski resorts, golf courses, and similar assets that combine real estate, operating business, and infrastructure characteristics.

The D-Marin transaction illustrates a broader trend: the reclassification of premium marina infrastructure from "tourism real estate" to "scalable infrastructure platform."

Recurring Revenue and High Barriers to Entry

Premium marinas generate recurring revenue from annual berth contracts, seasonal berth rentals, and marine services (boatyard, fuel, provisioning, concierge). The supply of premium marina berths in established yachting destinations is constrained by coastal geography, environmental regulations, and permitting requirements — creating high barriers to entry and pricing power for existing operators.

Exposure to Superyacht Market Growth

The global superyacht fleet has grown significantly over the past decade, driven by wealth creation in Europe, the Middle East, and Asia. Premium marinas with deep-water berths capable of accommodating large yachts (50+ meters) command significant premiums over standard berth facilities. D-Marin's portfolio — particularly its Turkish and Greek assets — is well-positioned to capture this demand.

Platform Scalability

D-Marin's 28-marina, 9-country platform demonstrates that marina operations can be scaled across geographies under a common brand, operating system, and management infrastructure. This scalability — which was not obvious when Doğuş first developed the business — is a key driver of the institutional premium over single-asset marina valuations.

Multi-Jurisdictional Regulatory Approvals

D-Marin's assets span 9 countries, each with its own regulatory framework for marina operations, coastal facility permits, and foreign investment. The transaction will require competition clearances in relevant jurisdictions and may require governmental or regulatory approvals for the transfer of marina operating licenses, concession agreements, and coastal facility permits.

Turkish Coastal Facility Law and Concession Rights

In Turkey, marina operations are governed by a combination of coastal zone legislation, port law, and tourism facility regulations. Marina operators typically hold their rights through concession agreements or operating licenses granted by Turkish government authorities — including the Ministry of Transport and Infrastructure and the Ministry of Culture and Tourism.

The transfer of D-Marin's Turkish marina assets to InfraVia will require analysis of the concession and operating rights structure for each Turkish marina: whether the rights are transferable by assignment, whether governmental consent is required, and whether the change of control triggers any renegotiation or renewal obligations. Turkish coastal facility concessions often include restrictions on assignment and change of control that must be addressed in the transaction structure.

Environmental Permits and Coastal Zone Compliance

Marina operations in Turkey are subject to environmental impact assessment requirements and coastal zone management regulations. The Turkish marinas' environmental permits — including permits for dredging, waste management, fuel storage, and marine services operations — must be reviewed to confirm their transferability and continued validity following the change of control.

Lease and Concession Term

The remaining term of D-Marin's Turkish concession and lease agreements is a key valuation driver. Concession agreements with short remaining terms — or with renewal provisions that are subject to governmental discretion — create uncertainty about the long-term revenue stream. InfraVia's due diligence should confirm the remaining term and renewal rights for each Turkish asset.

Foreign Investment Considerations

InfraVia is a European fund manager. The acquisition of Turkish marina assets by a foreign fund is subject to Turkish foreign investment law. Turkey generally welcomes foreign investment in tourism infrastructure, but the acquisition of coastal assets may be subject to specific review or approval requirements. The transaction structure — whether InfraVia acquires the Turkish assets directly or through a Turkish holding company — will affect the applicable regulatory framework.

Boatyard and Marine Services Contracts

D-Marin's 12 professional boatyards generate revenue from yacht maintenance, repair, and refit services. These operations involve long-term customer relationships, specialized labor, and equipment. The due diligence should assess the contractual framework for boatyard operations — including customer contracts, supplier agreements, and labor arrangements — and confirm that these contracts are not affected by the change of control.

Turkish marina and coastal infrastructure investors. The D-Marin transaction establishes a valuation benchmark for premium marina infrastructure in Turkey and the broader EMEA region. Turkish investors or developers with marina assets — or with the ability to develop new marina capacity in underserved coastal locations — should assess their assets against the D-Marin valuation framework.

Doğuş Group and Turkish conglomerates. The transaction illustrates the value that can be created by developing a marina platform and then monetizing it through a private equity sale. Turkish conglomerates with tourism and hospitality assets should consider whether their marina and coastal infrastructure holdings are appropriately valued and whether a similar platform-building and exit strategy is applicable.

Foreign investors in Turkish tourism infrastructure. The InfraVia acquisition of D-Marin's Turkish assets demonstrates continued foreign investor appetite for premium Turkish tourism infrastructure. Turkish coastal assets — marinas, yacht clubs, and marine services facilities — are increasingly viewed as institutional-quality infrastructure investments rather than purely tourism real estate.

Legal framework for marina transactions. The D-Marin transaction highlights the importance of Turkish coastal facility law, concession rights analysis, and environmental permit review in marina asset transactions. Buyers and sellers of Turkish marina assets should engage Turkish legal counsel with expertise in coastal zone law, port law, and tourism facility regulations.

ULF New York advises Turkish companies and investors on cross-border M&A, infrastructure transactions, and foreign investment in Turkish tourism and coastal assets.