CONSTRUCTION AGGREGATES
Blue Water Industries was formed in 2017 in partnership with the Baker Family to acquire, own, and operate aggregates assets throughout the southeastern United States. The Baker Family has been involved in the aggregates industry as investors, managers, and operators for nearly a century. The Baker Family founded Florida Rock Industries (formerly NYSE: FRK) in 1929, which was one of the largest building materials companies in the United States at the time of its sale in 2007.
Blue Water Industries seeks to acquire and operate high-quality aggregates assets in markets with long-term volume growth potential across the United States.
Prior to Blue Water Industries, the principals of Blue Water Advisors founded and led an investment in Bluegrass Materials Company along with the Baker Family and Lindsay Goldberg. Bluegrass was sold to Martin Marietta Materials (NYSE: MLM) in 2017 for $1.625 billion. At the time of its sale, Bluegrass was one of the largest privately held aggregates producers in the United States.
EQUIPMENT DEALERSHIPS
Florida Coast Equipment, founded in 1985, is a Kubota dealership based in West Palm Beach, FL. Based in Japan, Kubota Corporation is an engine, tractor, and heavy equipment manufacturer. Kubota holds the top market share for small-scale tractors in North America, and its products include a complete line of tractors of up to 170 HP, compact and utility class construction equipment, consumer lawn and garden equipment, commercial turf products, and UTVs.
Since acquisition, Florida Coast Equipment has grown to become the largest Kubota dealership in the Southeast Region and one of the five largest dealerships in the United States.
Florida Coast Equipment is a high-quality Kubota dealership with exposure to attractive geographic and sector end-markets, which include construction, farming, and recreation. Florida Coast Equipment seeks to grow its market share in its existing footprint and to acquire and improve other regional dealers.
LOGISTICS & WAREHOUSING
Plaza Logística was formed in 2009 to acquire, develop, and operate premier warehousing facilities in Greater Buenos Aires, Argentina. Today, Plaza is the leading developer of Class-A warehousing in Buenos Aires, which is one of the largest cities in the world by population and GDP.
Plaza currently operates six parks throughout Greater Buenos Aires, including the first e-commerce park in Argentina, where Mercado Libre (NYSE: MELI) operates its first distribution center in the country. These parks are strategically located in mission-critical locations, with direct access to main highways and to major demand centers.
Plaza focuses on building warehouses at the highest global industry standards for its leading multinational tenants. Its current tenant roster includes Bridgestone, Kimberly Clark, SC Johnson, and Mercado Libre, among others.
REAL ESTATE
In 2020, Blue Water Advisors organized Blue Water Real Estate Fund I to acquire two Class-A office buildings in Palm Beach, Florida. The two buildings, 440 and 450 Royal Palm Way represented a rare, off-market opportunity at an attractive entry valuation with significant cash flow growth and value appreciation potential.
Two months after acquisition, Fund I signed a contract to sell 450 Royal Palm Way at a significant premium relative to acquisition value. In the first 18 months of operations, 440 Royal Palm Way was leased up from 24% to 100% occupancy and the building was subsequently sold.
In 2021, Blue Water organized Blue Water Real Estate Fund II to acquire a portfolio of high-quality real estate properties in Palm Beach County. Fund II seeks to use Blue Water’s local knowledge and relationships to identify undermanaged, high-quality assets in core locations throughout Palm Beach County, which stands to benefit from attractive demographic and economic tailwinds that have been accelerated by the Covid-19 pandemic.
POWER
Headquartered in Lima, Peru, Electro Dunas is a regulated electricity distribution utility whose service territory includes Peru’s Ica region. This region is among the fastest growing in the country in terms of population, GDP, and electricity demand. Electro Dunas serves over 240,000 clients.
Peru Power Company (“PPC”) was established in 2015 and is focused on providing energy solutions tailored to its clients’ needs through the development and operation of generation assets. PPC energy solutions focus mainly on small-scale generation assets targeting big local and multinational industrials and utilities in Peru.
Cantalloc was created to provide commercial and operational support to Electro Dunas and third-party customers, offering higher level of technical expertise.
The Electro Dunas Group (Electro Dunas, Peru Power Company, and Cantalloc) was acquired by Grupo Energía Bogotá in August 2019.