Founded in 2004, Port Adhoc is a private company dedicated to the management and development of recreational marinas for boating. Port Adhoc’s organic growth has been accelerated by successive acquisitions and successful public tenders. As of September 2022, Port Adhoc owns and/or operates 11 marinas with various ownership status in France and the Netherlands. The marinas are either in full assets and land ownership, long term leaseholds or concessions.
The group operates 327 ha of afloat area, 16 ha of ashore area and 22.500m2 of commercial real estate. It offers 10.000 berths for leisure boats mainly afloat but also ashore and on dry-stack. Over the last 10 years, Port Adhoc has shown its capacity to successfully integrate its acquisitions and maintain high occupancy rate with a high renewal rate in marinas, providing significant recurrence and visibility for future revenues. The Port Adhoc Grouphas also proven its resilience through the COVID-19 period and continued to develop at a strong pace.
Through this transaction totalling 70m€, Port Adhoc redefines its financial structure in order to:
- Benefit from a long-term asset-based debt by refinancing former short and mid-term debts, generating additional cash flow and improving financial profitability;
- Raise additional funds for future acquisitions.
This transaction strengthens NextStage and Vauban’s commitments to the group and positions them as the two leading shareholders of Port Adhoc, along with the management team.
Our goal for the coming years is to raise 200m€ and to continue our European development.
Gilles Tersis, president and founder of port adhoc
"This successful transaction represents a turning point in Port Adhoc's European development strategy. It has been achieved thanks to the confidence of our faithful shareholders and a new successful partnership with Edmond de Rothschild Asset Management. These new sources of financing will give Port Adhoc a competitive advantage to challenge the market. The Port Adhoc Group began to expand its marina portfolio in Europe by raising €30m in 2019. In 2022, we raised €70m by refinancing our historical debt, and pre-financing part of our acquisition pipeline. In order to continue the integration of our European platform, we will very quickly commit to an increase of around €200m. In light of the consolidation of the US market, we believe that the European market has also entered into a consolidation process, facilitated in the US by a new IRS law (2019) allowing marina assets to be included in REITs."
Gilles Tersis, president and founder of Port Adhoc
"This investment is an excellent addition to our infrastructure debt portfolio. We are also delighted to be a long-term financial partner to Port Adhoc and its shareholders. By providing this financing we are also supporting the development and growth of the company which consolidates Port Adhoc’s position as a marina operator leader."
Audrey Colin West, Managing Director - EDRAM’s infrastructure Debt Platform BRIDGE (Benjamin de Rothschild Infrastructure Debt Generation)
"Over the last 18 years, Gilles Tersis and Stéphane Audoynaud have built an independent player with a disruptive vision and a strong reputation. The group has experienced steady growth driven by market consolidation and the ramp-up of operated assets. We are pleased to reiterate our support for the development of Port Adhoc, alongside our partner Vauban, in order to create the first European marina management platform under the French flag."
Jean-David Haas, Managing Director of NextStage AM
"As the leading insurer of companies, investment in SMEs and ETIs is a priority to support job creation and the country's industrial sovereignty. As the French and European leader in the management of private ports, Port Adhoc Group will benefit from this financing to develop its know-how of excellence in this sector of the future."
Patrick Cohen, CEO of AXA France
"We are delighted to strengthen our support to Port Adhoc, side by side with our partners NextStage. Port Adhoc has proven its resilience and its capacity to adapt, innovate and grow its assets portfolio. We are committed to support the Company and its management again in the deployment of innovative solutions to help clients and in the development of long-term infrastructure and excellent services."
Guillaume Faroux, Fund Manager - BTP IL, Partner at Vauban Infrastructure Partners
About the Group Port Adhoc
Port Adhoc has been a private leader managing and developing marinas in France and in Europe for more than 15 years. Today, the Company operates 11 marinas in France and in the Netherlands, representing in total 10 000 berths in various infrastructures including 6 marinas and 3 dry-stacks marinas, 2 multi-services marinas (afloat & boatyard). Port Adhoc has the ambition to transform its infrastructures in travel and leisure destination, not only aimed at boats’ enthusiasts but also to a broader public transgenerational. This is the reason why the Company is developing and is deploying tools of commercial management and innovative port facilities which will allow to propose new experiences to boaters.
➡️ More information is available at www.port-adhoc.com/groupe/
About Edmond de Rothschild Asset Management
Vauban Infrastructure Partners is a leading Infrastructure Asset Manager focused on European core infrastructure investments. Headquartered in Paris, Vauban employs over 65 professionals, the majority of whom have been working together for over a decade. Vauban is the fully-fledged affiliate of Natixis Investment Managers dedicated to sustainable infrastructure equity investments. Vauban targets predominantly European brownfield mid-market assets, and pursues a long-term, yield-driven strategy that matches the underlying nature of the assets & the long-term commitment to all stakeholders’ interests through a strong focus on creating sustainable value. Vauban has raised c.€7.2 billion across 6 funds in core infrastructure from over c.100 investors from 17 different countries and has invested in over 70 assets in the mobility, energy transition, social infrastructure, and digital infrastructure sectors across 13 different geographies.
➡️ More information is available at www.edmond-de-rothschild.com
About Pépites et Territoires
Pépites et Territoires is an investment program, labeled “France Relance”, with a target size of €500m launched by Patrick Cohen, CEO of AXA France, in partnership with NextStage AM which aims to strengthen the capital of innovative French SMEs located in french territories and to support entrepreneurs in the future stages of development of their company.
About NextStage AM
NextStage AM is an independent asset management company based in Paris and approved by the AMF in 2002. From the outset, NextStage AM has cultivated an “entrepreneur-investor” philosophy as a pioneer and leader of innovative and patient development capital in France. NextStage AM has taken a stepwise approach, building up a multi-strategy private equity platform representing total AuM of close to €7.1 billion, directly and indirectly. NextStage AM invests in a limited number of innovative and growth-driven mid-market companies (80 portfolio companies as of 31/03/2022) in France and Europe, to which it brings entrepreneurial expertise as an investor and strong operational support (innovation, talent, international, external growth). NextStage AM provides long-term support of these Mid-sized Businesses (MSBs), which may be unlisted, or listed on Alternext and Euronext B and C. NextStage AM offers these businesses the means to accelerate their development and innovation capabilities to become “champions” in their markets, both in France and internationally, through organic and/or external growth.
In December 2015, NextStage AM received a Gold Award for “best development capital player in Europe” at the Private Equity Awards. In 2017, NextStage Croissance won the Active Innovation Jury’s “special prize”; and in 2019, NextStage AM was awarded the Editor's Prize in the Private Equity category of the 2019 Wealth Management Pyramids.
➡️ More information is available at www.nextstage-am.com
About AXA France
AXA France, an AXA Group company led by Patrick Cohen, is one of France's leading insurers. As a multi-specialist insurer, it protects 10 million customers - individuals, businesses and professionals - through the expertise and proximity of its sales networks and nearly 14,000 employees.
AXA France has been at the forefront of support for the recovery of all French businesses, from small businesses to medium-sized companies and large corporations. AXA France has contributed to all he joint initiatives launched by the French government and/or the insurance industry. In July 2020, AXA France contributed €200 million to the "Sustainable Recovery" program and raised €54 million for the solidarity fund set up by the government to support very small businesses and self-employed professionals. Of the initial €11 billion fundraising, AXA is the leading contributor with €2 billion, which will be used to finance the rebound of professionals, self-employed workers and VSEs throughout France through the "Relance" Participative Loan program launched in April 2021.
➡️ More information is available at www.axa.fr
About Vauban Infrastructure Partners
Vauban Infrastructure Partners is a leading infrastructure asset management company specializing in investments in European Core infrastructure assets. Based in Paris with a subsidiary in Luxembourg, its team is composed of 65 professionals working together for over a decade. Vauban IP is an affiliate of Natixis Investment Managers, dedicated to sustainable equity investments. Vauban Infrastructure Partners pursues a strategy focused on investments in European brownfield assets, delivering long-term returns that match their underlying nature, and on creating sustainable value in the interest of all stakeholders. To date, Vauban Infrastructure Partners manages nearly €7.2 billion primarily in 6 core infrastructure funds on behalf of more than 100 investors in 17 different countries and has invested in over 70 assets in the mobility, energy services, social and digital infrastructure sectors in 13 different countries.
➡️ More information available on vauban-ip.com/en/
The actors of the operation
Port Adhoc Group advisors
- French legal department: Pevensey Avocats, Jérôme LEMERCIER and Grégoire LEPIGEON
- Dutch Legal: Van Till Advocaten, Rogier LOOZEN and Jonathan CROZIER
- French tax : BG2V, Rémi DIAS and Jean-Sébastien DUMONT
- Dutch tax: Taxwise, Jurjen VAN DAAL
- Financial : Eight Advisory, Erwann HUON DE KERMADEC and Louise VEILLON
Edmond de Rothschild Asset Management advisors
- Legal and tax: Bentam Avocats and AKD, Guillaume ANSALONI and Ivanna JHAYYA
- Financial, accounting and tax model: Mazars, Axel ANDRIEU
- Insurance : Gras Savoye, Sene OSSEBI DOUNIAM
- Business, trade and market : BRLi, Nicolas FRAYSSE
- Administrative Agent: Aetherfs, Aya YASSIRE and Mihaela MALENICA