West Marine has secured $125 million in new finance to support growth and profitability plans.
The finance is from provided by existing lenders and L Catterton and a refinancing and/or exchange of existing debt.
The deal is expected to provide the marine aftermarket business 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, West Marine CEO. “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.”
West Marine has 233 stores in 36 states across the US and Puerto Rico, and an eCommerce website and refinancing will enable dealers and trade creditors to be paid.
Chuck added: “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 fulfilment and delivery across both B2B and B2C customers.”
And he thanked vendors, customers and staff for their support with the ongoing strategic transformation.
West Marine’s HQ recently relocated to Fort Lauderdale, Florida.