West Marine Completes Recapitalization Securing Significant Capital for Long-term Growth

News provided by

Feb 28, 2023, 08:35 ET

FORT LAUDERDALE, Fla., Feb. 28, 2023 /PRNewswire/ -- West Marine Products, Inc. ("West Marine" or the "Company"), the nation's leading omni-channel provider in the marine aftermarket, today announced an agreement with the overwhelming support of its lenders and major shareholder, L Catterton, to recapitalize the business. The transaction provides West Marine with substantial liquidity, strengthens its financial outlook, and positions the Company for long-term success. The recapitalization will provide 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.

"We now have the flexibility we need to continue to invest in our team and our omni-channel experience for our customers," said Chuck Rubin, Chief Executive Officer of West Marine. "I joined West Marine in December 2022 because I was excited to lead such a passionate team of boating industry professionals who are dedicated to serving our retail and professional customers with the highest quality products and service that epitomize the West Marine brand. I am confident that our proven executive management team will execute upon our commitment to improve our operational performance. We will continue to remain highly focused on enhancing our omni-channel experience, carrying the best brands in the industry, and driving operational excellence across every aspect of our business."

The Company's leadership, led by Chuck Rubin, a proven retail industry leader, is poised to capitalize on this financial strength. Rubin is joined by a strong executive management team including industry veteran Jim Grady as Chief Financial Officer; Stacey Renfro as Chief Commercial Officer; and Paulee Day as Chief Legal and Human Resources Officer.

The recapitalization agreement and related transactions are subject to customary closing conditions.

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.

About L Catterton
L Catterton is a market-leading consumer-focused investment firm, managing approximately $33 billion of equity capital across three multi-product platforms: private equity, credit and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton's team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 250 investments in some of the world's most iconic consumer brands. For more information about L Catterton, please visit www.lcatterton.com.

Media Contact
Paulee Day
[email protected]

SOURCE West Marine Products, Inc.