WATSONVILLE — A New York-based equity fund will acquire West Marine, the company announced recently.
Monomoy Capital Partners will acquire all of the outstanding shares of common stock of the Watsonville-based West Marine, which specializes in boating gear, apparel, footwear and other products, for a total of $338 million.
The transaction is expected to close in October.
“We are excited to be joining forces with Monomoy Capital Partners as we believe it is in the best interests of our stockholders, customers and associates,” said Matt Hyde, West Marine’s president and CEO. “In addition to providing our stockholders with a significant premium to the current share price, this transaction ensures that West Marine can continue to offer outstanding value to our customers who recreate on the water and provide a rewarding workplace for our associates.”
Deb Radcliff, vice president of marketing for West Marine, said it is too early to say if the move will result in staffing changes, but the company will continue to be operated independently by its management team.
Founded in 1968, West Marine has more than 250 stores located in 38 states and Puerto Rico, as well as an eCommerce website.
“We are excited to welcome West Marine to the Monomoy portfolio,” said Daniel Collin, co-Chief Executive Officer of Monomoy Capital Partners. “We have long admired West Marine and the unique value the company provides for its loyal customers and world class associates. We strongly support West Marine’s vision for the future, strategic initiatives, and culture. We are excited to invest in and work together with the company’s management team to continue to lead the industry.”
