FORT
LAUDERDALE, Fla., June 24,
2024 /PRNewswire/ -- West Marine and certain of its
affiliates ("West Marine" or the "Company"), the nation's leading
omnichannel provider in the marine aftermarket, announced today
that it has entered into a new $150
million credit facility from asset-based lender (ABL)
Eclipse Business Capital. The transaction extends the
previous maturity date and provides reduced interest expense.
These transactions support the Company's strategic evolution
and long-term growth.
"We appreciate the opportunity to serve as a critical financing
partner to West Marine as it executes on its strategic plan," said
Marty Battaglia, Chief Executive
Officer of Eclipse Business Capital.
With the financial support of investors and financial partners,
West Marine's new leadership team will continue to execute on the
Company's strategic evolution, led by Chuck
Rubin, Chief Executive Officer. Mr. Rubin said, "We
appreciate Eclipse's commitment to West Marine and the confidence
of L Catterton and our investment partners in our ability to
deliver on our strategic plan. Our strengthened balance
sheet, along with our stakeholders' commitment and belief in our
brand, supports our focus and dedication to building a platform for
growth." West Marine serves its retail and professional
customers from 232 stores in 38 states and Puerto Rico and its online e-commerce
platforms serving retail and professional customers.
"With our 55-year legacy as an admired brand in the boating
industry, West Marine stands alone in our ability to offer in-store
shopping, e-commerce, omnichannel fulfillment and delivery across
both B2B and B2C customers. We have an unwavering commitment
to provide our customers with great products, fairly priced, fast
delivery and store pickup, and the know how and solutions needed to
enable more time on the water," said Rubin. West Marine will
continue to foster its long-term relationships with vendors,
streamline its operations for optimal performance, and enhance its
service to customers through the ability to buy products online at
westmarine.com. West Marine has expanded fulfillment
offerings such as same day or next day delivery from virtually all
of its locations which are strategically located in close proximity
to marinas and boating communities, making tens of thousands of
products even more accessible to boaters.
About West Marine
West Marine is the leading integrated, omni‑channel provider of
aftermarket products to the boating, fishing, sailing, and
watersports markets in the United
States. For more than fifty-five years, West Marine has been
recognized as a principal resource for cruisers, sailors, anglers,
yachters, and other boating enthusiasts. Founded in 1968 in
Sunnyvale, California, West Marine
employs approximately 3,000 crew members and operates a retail
footprint of 232 stores across 38 states and Puerto Rico, and its current headquarters in
Fort Lauderdale, Florida, as well
as a digital footprint through its eCommerce website that reaches
domestic, international, and professional customers.
About Eclipse Business Capital
Originally founded in 2016, Eclipse Business Capital ("EBC") is
one of the country's leading independent asset-based lending
platforms, targeting both privately-owned and publicly traded
companies across a wide range of industries. The firm
provides revolving lines of credit and term loans ranging in size
from $10 - $200 million that are secured by collateral such
as accounts receivable, inventory, equipment, real estate, and
intellectual property.
Since inception, EBC has underwritten more than 98 transactions
totaling over $4.4 billion in
aggregate credit facilities. With an experienced team of 45
professionals, EBC offices are located in Chicago, Dallas, Houston, Los
Angeles, New York,
Miami, San Francisco, and Westport, CT, providing financing to borrowers
in the U.S. and Canada.
Media Contacts
West Marine
Paulee Day
pauleed@westmarine.com
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SOURCE West Marine Products, Inc.