May 29 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it signed on Tuesday agreements to invest 70 million euro ($81 million) to acquire a 25% stake in D Marinas B.V., the holding company for a network of ten marinas in Croatia, Greece and Turkey, operating under the brand name D-Marin.
The funds, the EBRD's largest equity investment in the tourism sector to date, are intended to finance the company’s growth plans, including the development of marina management operations, further acquisitions and deleveraging, the lender said in a statement after the signing ceremony held in Croatia's capital Zagreb.
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D Marinas B.V. is the largest and only international chain of marinas in the Eastern Mediterranean offering approximately 8,000 berths. The company’s ultimate beneficial owner is Dogus Holding A.S., one of Turkey’s leading business conglomerates.
The investment comes under the new EBRD Inclusive Tourism Framework for the Eastern Mediterranean which aims to support local tourism sectors to grow and upgrade through investments in hotels and tourism operators.
"With this investment the EBRD is demonstrating its long-term commitment to supporting the progress of Croatia’s economy," EBRD first vice president, Jurgen Rigterink, is quoted saying.
"Tourism is a major driver of growth for the country and we expect this investment to open up new opportunities for local businesses as well as create new jobs," he added.
The EBRD signed its first project in Croatia in 1994 and has invested over 3.6 billion euro in 198 projects in the country to date.
D-Marin operates D-Marin Mandalina, D-Marin Dalmacija and D-Marin Borik in Croatia. D-Marin Dalmacija is the largest marina in Croatia, and is located in a naturally protected bay, 7 km south of the ancient port town of Zadar.
($=0.8654 euro)