CVC Capital Partners, known in Greece mainly due to its acquisition of the Hygeia and Metropolitan hospitals, has announced that its subsidiary CVC Capital VII has agreed to acquire the activities of D-Marin, a company serving yachts in the Mediterranean and the United Arab Emirates, from Turkish group Dogus. That means CVC is now a partner of Lamda Development.
The deterioration of the financial positions of major Turkish groups due to the devaluation of the Turkish lira in recent years, and the fact they were exposed to borrowing in US dollars, has forced many of them to sell off holdings and assets to balance their books. This is the context of that transaction, according to market sources.
However, the information about an upcoming sale of the stake that Dogus holds in the Astir Palace Resort in southern Athens has not yet been confirmed.
CVC has therefore acquired the holdings of D-Marin at the Flisvos and Zea marinas in Attica, as well as at Gouvies on Corfu and at Lefkada. That makes CVC a partner of Lamda Development at Flisvos, with a 50 percent stake. All marinas in Turkey will remain under the ownership of the Dogus Group, but will be managed by D-Marin.