Ocean Reef Vacation Rentals & Real Estate acquired majority ownership stake in Rivard of South Walton Rentals, which manages 100 homes in Grayton Beach and along Scenic Highway 30A. Ocean Reef now represents more than 550 vacation rentals in northwest Florida, from Destin to Panama City Beach.
“This partnership enables us to meet the increased demand of our guests for homes and condominiums throughout South Walton,” said Timothy Taylor, president of Ocean Reef.
The acquisition includes Rivard’s office and two adjoining commercial parcels, located on the sole entrance to Grayton Beach.
“Going forward, Ocean Reef will benefit as Grayton Beach becomes our centralized ancillary point of operation,” said Todd Kleppinger, Ocean Reef’s lodging manager. “Rivard will benefit from increased resources, inspectors, housekeepers, higher quality amenities, and full access to the largest privately held laundry operation in northwest Florida.”
Ocean Reef retained Rivard’s entire staff; its former owner, Richard Veldman, will stay on as a partner to facilitate the transition. “My desire has always been to align Rivard with a local management company rather than an unknown corporate entity,” he said.
He was certain Ocean Reef is the right fit for the partnership as the synergy of the two companies will elevate the standard for vacation rentals and real estate in Grayton Beach and the surrounding areas, he said. “It also means a lot that Rivard, the company we hold so dear, will continue to be in good hands and that its values and integrity will remain at its foundation.”
Ocean Reef will also keep Rivard’s brand name. “The Rivard brand itself is an integral piece of the acquisition,” said Richard Olivarez, Ocean Reef’s director of marketing. “For 32 years, this rental management company has been a pillar of the community and the most respected provider of vacation rentals in and around Grayton Beach.”
Founded in 1982, Ocean Reef is headquartered in Miramar Beach, in Walton County’s popular tourist region of South Walton. According to Visit South Walton, 4.01 million travelers visited the region in 2017, spending $2.98 billion and generating $4.4 billion in economic benefit to the area.