CVC purchase of D-Marin facilities clears Croatian anti-trust agency

AZTN, the Croatian anti-trust agency, has approved the planned acquisition of three marinas in the country which are part of the planned takeover of 10 D-Marin owned and managed marinas by the Luxembourg-headquartered private equity group, CVC Capital Partners. The other seven marinas include four in the UAE and three in Greece, reports SeeNews.

In a statement, AZTN indicated that it will permit the group of three marinas under one ownership as a result of Venilia Investments, a subsidiary of CVC established as a special purpose company to take over the three Croatian marinas. That trio comprises the Mandalina marina at Sibenik; and the Dalmacija and Borik marinas.

After a comprehensive study, AZTN said: “The Croatian marina market is asymmetric and fragmented.”

The largest player in the Croatian marina market is the state-owned ACI (Adriatic Croatia International Club), which operates 22 marinas and holds a 20-30% share of the total marina market in the country. Dogus Group, the parent of D-Marin, previously held a near 11% stake of ACI.

In its study, AZTN found that the three Croatian marinas in the deal would hold a 10-15% share of the national marina market and make CVC, through Venilia Investment, the second-largest operator of marinas in Croatia. AZTN identified that “the remaining number of smaller players control less than 5% of the market.”

IBI understands that the total CVC deal for the 10 marinas was due to have been completed this week. Four marinas owned or operated by D-Marin in Turkey and Montenegro are not part of the overall transaction.