West Marine and financial partner Monomoy Capital have entered into an agreement under which private equity firm L Catterton will take a controlling interest in the company’s ownership, West Marine announced today.
Terms of the agreement, which is expected to close in May, were not disclosed.
West Marine operates 237 locations in 38 states and Puerto Rico, as well as two e-commerce platforms reaching domestic, international and professional customers.
“We are thrilled to be partnering with L Catterton in the next phase of growth for West Marine,” West Marine CEO Ken Seipel said in the statement. “The L Catterton team brings invaluable consumer, brand-building and digital expansion expertise to help us accelerate our growth plans.”
L Catterton has experience investing in enthusiast consumer brands that include Truck Hero, Peloton and Heartland RV, among others.
“West Marine stands out as the leader in the category, and we look forward to partnering with Ken and his proven leadership team to further build the company's authority as the go-to, consumer-centric marine aftermarket player,” said Matt Lischick, partner at L Catterton.