L Catterton, a global consumer-focused private equity firm, has agreed to purchase West Marine Inc., a integrated, omni-channel provider of aftermarket products and services to the boating, fishing, sailing and watersports markets in the United States, from Monomoy Capital Partners, a middle market private investment firm focused on operational value creation.
“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 CEO. “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.”
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.”
Kirkland & Ellis LLP served as legal counsel and Baird served as exclusive financial advisor to West Marine and Monomoy with respect to the transaction.