Huntsville, Ala.-based T-H Marine Suppliers LLC announced it has acquired First Source, the marine accessory division of distributor Maurice Sporting Goods.
First Source will operate as a standalone division of T-H Marine in Fort Myers, Fla.
“We’re thrilled to complete our largest revenue acquisition to date,” said T-H Marine CEO Jeff Huntley in a statement.
It’s the company’s first acquisition this year, and the eighth in the past decade, said Huntley.
“We will continue working on more acquisitions and more organic product development to continue growing our stable of brands and our breadth of awesome products,” said Huntley.
The acquisition will allow T-H Marine to expand into new product categories and grow the product portfolio that it offers to OEMs and aftermarket customers, said Huntley.
First Source’s expertise will also help strengthen the company’s capabilities in aftermarket retail and e-commerce channels for our customers, he said.
“We have built a strong platform for the past 45 years that is rooted in deep relationships with our customers, who depend on us for quality boating and fishing accessories,” said Huntley. “We look for great acquisitions like First Source that can really help us bring more value to our customers and continue to provide more awesome products for the boating and fishing enthusiasts that love our brands.”
First Source was founded in 2004 as a direct-import source that helps design, manufacture, package, test, and supply companies with marine and paddlesports products.
The company’s cofounder, Read Samples, has come to be a valued and trusted source during his 30 years in the marine industry.
“We are blessed to be joining longtime customer T-H Marine, a solid and rapidly growing company that truly knows the marine and fishing accessory markets,” said Samples. “T-H will allow our team to expand into more product categories becoming more meaningful to our customers, including more OEM product opportunities.”
First Source provides customers access to a range of design capabilities, procurement resources, products, packaging vendors, and logistics management services. T-H Marine has been a customer of First Source for many years along with many other manufacturers, distributors and major retailers.