West Marine Closes Previously Announced Recapitalization Transaction

FORT LAUDERDALE, Fla., March 27, 2023 /PRNewswire/ -- West Marine Products, Inc. ("West Marine" or the "Company"), the nation's leading omni-channel provider in the marine aftermarket, today announced that the Company has completed its previously announced transaction with the overwhelming support of its lenders and major shareholder to recapitalize the business, strengthen its financial outlook, and position the Company for long-term success. The recapitalization provides the Company an aggregate $150 million of additional capital as it enters into a significant cash flow generating quarter, allowing West Marine to continue providing the boating community all of its product and service needs and aspiring to deliver a superior customer experience.

"The successful completion of our recapitalization agreement provides us with the financial strength to continue enhancing our omni-channel experience, investing in our talented team, and delivering the highest quality products to our customers," said Chuck Rubin, Chief Executive Officer of West Marine. "I, along with the entire management team, look forward to executing on the significant opportunities ahead that we expect will deliver long-term sustainable growth for West Marine."

About West Marine

 For more than 50 years, West Marine has been the premier retailer of boating, fishing, sailing and paddling gear. With 236 stores located in 38 states and Puerto Rico and an eCommerce website reaching domestic, international and professional customers, West Marine is recognized as a leading resource for cruisers, sailors, anglers, yachters and other boating enthusiasts. West Marine crew members share the same love for the water as their customers and provide knowledgeable advice on the gear and gadgets they need to be safe and have fun. West Marine allows customers to spend less time worrying about their boat and more time enjoying their boat. To learn more about West Marine, please visit the West Marine website at westmarine.com.

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SOURCE West Marine Products, Inc.