Monomoy Capital Partners Agrees to Sell West Marine, Inc.

By: Monomoy Capital Partners via Business Wire

April 14, 2021 at 11:08 AM EDT

Monomoy Capital Partners, a middle market private investment firm focused on operational value creation, announced today that it has entered into a definitive agreement to sell West Marine, Inc. (the “Company”) to L Catterton, the largest global consumer-focused private equity firm. Terms of the transaction were not disclosed.

Founded in 1968, West Marine is the leading integrated, omni-channel provider of aftermarket products and services to the boating, fishing, sailing and watersports markets in the United States. With 237 locations across 38 states and Puerto Rico and two ecommerce platforms reaching domestic, international and professional customers, West Marine is the largest specialty retailer for boating products in the country and recognized by its enthusiast customer base as the leading resource for cruisers, sailors, anglers and watersports devotees.

Monomoy acquired West Marine through a take-private transaction in September 2017 with the goal of improving the Company’s sourcing, operations and merchandizing while refocusing the business on its core customer base and revitalizing the West Marine brand.

Dan Collin, a Co-CEO of Monomoy, said: “We purchased West Marine three and a half years ago with a plan for meaningful value creation and tangible growth. Monomoy and its Operating Team partnered with management to improve operations across the business and transform the strategic direction of the Company. Our value creation work helped management more than double the Company’s earnings during Monomoy’s ownership while substantially increasing free cash flow. We are proud of our role in rebuilding West Marine into a thriving business that is well-positioned for accelerated growth under L Catterton’s ownership.”

“Monomoy and its deep bench of operational talent served as an invaluable partner through the transformation of West Marine,” explained Ken Seipel, West Marine’s Chief Executive Officer. "We are grateful to Monomoy for its leadership, its unflinching commitment to improving and growing our business, and in positioning West Marine to achieve continued success under new ownership.”

Monomoy acquired West Marine under its private equity vehicle, Monomoy Capital Partners III, L.P., a $768 million fund raised in 2016. The sale to L Catterton is subject to customary closing conditions and is expected to close during the second quarter.

Kirkland & Ellis LLP served as legal counsel and Baird served as exclusive financial advisor to West Marine and Monomoy with respect to the transaction.

About Monomoy

Monomoy Capital Partners is a private investment firm with $2.4 billion in committed capital across a family of five investment funds. Monomoy invests in the debt and equity of middle market businesses that can benefit from operational and financial improvement with a focus on manufacturing, distribution and consumer product businesses in North America and Europe. Please see our website at www.mcpfunds.com for further information concerning Monomoy at its portfolio companies.