Monomoy Capital Partners (Monomoy), a New York private equity fund focused on constructive investing and business improvement in the middle market, has successfully completed the acquisition of West Marine, at a price of USD12.97 per share or a total of approximately USD337 million.
The transaction was originally announced on June 29, 2017, and West Marine’s stockholders approved the acquisition on 12 September, 2017.
West Marine is the largest specialty retailer of boating supplies and accessories in the United States, with 249 stores located in 37 states and Puerto Rico. The company carries more than 175,000 aftermarket products, ranging from rope and rigging, to marine electronics, technical apparel, footwear and accessories. In addition to its retail stores and West Marine Pro wholesale divisions, the Company serves boating enthusiasts in more than 150 countries worldwide through its mail order and e-commerce divisions. Based in Watsonville, California, the Company operates two distribution centres in California and South Carolina and employs more than 4,000 dedicated staff members.
“We are excited to welcome West Marine to the Monomoy portfolio,” says Dan Collin, Monomoy’s Co-Chief Executive Officer. “We have long admired West Marine and the unique value the company provides for its loyal customers and world class associates. We look forward to working with the company’s management team to ensure that West Marine continues to lead the industry.”
“We are excited to be joining forces with Monomoy Capital Partners to grow and improve our business,” says Matt Hyde, West Marine’s Chief Executive Officer. “This transaction ensures that West Marine can continue to offer outstanding value to our customers and provide a rewarding workplace for our associates.”
