Monomoy Capital Partners completed the acquisition of West Marine Inc. at a price of $12.97 per share or a total of approximately $337 million. The transaction was originally announced on June 29, 2017, and West Marine’s stockholders approved the acquisition on September 12, 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 centers 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,” said 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,” said 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.”
Monomoy’s acquisition of West Marine marks the firm’s third middle market investment of 2017, following its acquisitions of Klaussner Furniture Industries, Inc. and Friedrich Holdings, Inc. in February. Monomoy acquired West Marine through its third fund vehicle, Monomoy Capital Partners III, L.P.
Jefferies LLC advised Monomoy on the deal; Michael Weisser and Megan Spelman from Kirkland & Ellis LLP provided Monomoy with legal counsel in the transaction; and Grant Thornton LLP completed financial and accounting diligence. Bank of America and Pathlight Capital provided financing for the transaction.
