Fort Lauderdale, FL, — West Marine and certain of its affiliates (“West Marine” or the “Company”), the nation’s leading omnichannel provider in the marine aftermarket, announced that it has successfully consummated a transaction that will enable the Company’s strategic transformation and long-term growth. The transaction includes $125 million in fresh capital provided by existing lenders and L Catterton and a refinancing and/or exchange of existing debt, the result of which will provide the Company with liquidity, significantly reduced 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, Chief Executive Officer 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.”
Mr. 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, omnichannel 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.”
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