West Marine and certain affiliates successfully consummated a transaction, enabling the Company’s strategic transformation and long-term growth. The transaction includes $125 million in new capital provided by existing lenders and L Catterton and a refinancing and/or exchange of existing debt, which gives West Marine liquidity, significantly reducing total debt and a strengthened balance sheet.

“This transaction is an exciting step in the ongoing execution of our strategic plan and repositioning of our business to align with our commitment of Boaters Serving Boaters,” said Chuck Rubin, CEO of West Marine. “We will continue to focus on building a platform for West Marine to grow in a variety of market and industry conditions. I am grateful for the continued strong partnership with L Catterton and our lenders who believe in the strength of the West Marine brand and the vision of our new leadership team as we execute our strategic growth strategy.”

Rubin continued, “West Marine has been an admired brand in the boating industry for more than 55 years, and the Company stands alone in our industry as the only scaled player that can offer a combination of in-store shopping, e-commerce, omni-channel fulfillment and delivery across both B2B and B2C customers. Our operational initiatives implemented thus far in 2023 have resulted in West Marine outperforming the boating industry. We have made great strides within our professional segment and value our partnerships with our professional customers. We deeply appreciate the support and contributions of our vendors, customers, and crew members to our ongoing strategic transformation.”

West Marine serves its retail and professional customers from 233 stores in 36 states and Puerto Rico and its e-commerce website. The company said all vendors and trade creditors would continue to be paid in the ordinary course and looked forward to “continuing long-term partnerships with West Marine to serve the marine aftermarket.”

Kirkland & Ellis LLP served as legal advisor to West Marine. Rothschild & Co. served as West Marine’s investment banker and Alvarez & Marsal North America, LLC as its financial and restructuring advisor.

West Marine’s lenders were represented by Gibson, Dunn & Crutcher LLP, Perella Weinberg Partners LP, Lazard Frères & Co. LLC, Akin Gump Strauss Hauer & Feld LPP, Paul Hastings LLP, and Choate Hall & Stewart LLP. L Catterton was represented by Katten Muchin Rosenman LLP.

Photo courtesy of West Marine