Industry Intel: West Marine Announces Acquisition
West Marine, the well-known boating supply and fishing retail chain, announced recently that the company is being acquired by a private equity firm. The sale of the giant in marine retail, comes on the heels of West Marine Inc. (WMAR), shares reporting a 52 week high in mid-June. On June 17th, WMAR shares peaked at $12.90.
In a June 30th Press Release, West Marine announced that it entered into an agreement with Monomoy Capital Partners (“Monomoy”), a New York-based private equity fund. Under the terms of the agreement, a wholly owned affiliate of Monomoy acquired all of the outstanding shares of common stock of West Marine at $12.97 per share in cash, which represents a total equity value of $338 million.
In the release, Matt Hyde, West Marine’s President and CEO said, “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. 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.”
More Details of the Sale of West Marine
The transaction, which has been unanimously approved by West Marine’s Board of Directors, is expected to close in the third quarter of this year, subject to West Marine’s stockholder approval and other customary closing conditions.
West Marine currently operates more than 250 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 Waterlife Outfitter for power boaters, sailors, anglers, and all watersport enthusiasts. Under the terms of the agreement, West Marine will be privately held and continue to be operated independently by the Company’s management team.
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