D-Marin — Acquisition by InfraVia Capital Partners
Premium marina operator D-Marin acquired by InfraVia Capital Partners from CVC Capital Partners, illustrating how scaled premium marina platforms with scarce locations, recurring berth income and infrastructure characteristics can command substantially higher multiples than smaller independent marina businesses.
This transaction involved a business above the $1m–$50m SME revenue benchmark. It is included for industry context and is not a direct SME comparison.
Acquirer
InfraVia Capital Partners
Year
2026
Enterprise Value
€1bn+
Revenue
Not disclosed
Adjusted EBITDA
~€70m (reported)
Implied EBITDA Multiple
~15× (reported estimates)
Industry
Marinas
Transaction
In 2026, CVC Capital Partners agreed to sell premium marina operator D-Marin to InfraVia Capital Partners. Based on a reported valuation of more than €1 billion and reported annual EBITDA of approximately €70 million, the transaction implies an EBITDA multiple of approximately 14× or higher, with industry reporting placing it at around 15×. D-Marin operates 28 premium marinas across nine countries, with more than 14,300 berths and 12 professional boatyards.
Why the Premium?
- Large-scale premium marina platform
- Scarce premium marina locations
- Recurring berth income
- Geographic diversification across nine countries
- Significant infrastructure characteristics
SME Takeaway
D-Marin is a significantly larger premium infrastructure platform rather than a typical SME marina. The transaction is presented as an example of the premium/institutional end of the market and should not be used to infer a change to the 6×–14× indicative SME valuation range. The acquisition itself was officially confirmed by CVC and D-Marin; however, the transaction value and EBITDA were not publicly disclosed by the parties. The €1bn+ valuation and approximately €70m EBITDA are third-party reported estimates, and the ~15× EBITDA multiple is therefore an indicative implied multiple based on reported estimates, not an officially disclosed transaction multiple.
Sources
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.