West Marine Inc. Acquired By Monomoy Capital Partners

Published online: Jun 29, 2017 News
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West Marine and Monomoy Capital Partners, a New York-based private equity fund, just announced a definitive merger agreement under which a wholly owned affiliate of Monomoy will acquire all of the outstanding shares of common stock of West Marine at $12.97 per share in cash, representing a total equity value of $338 million. (This price represents a premium of 32% over the 30-day average performance of West Marine’s stock price reported on NASDAQ.) 

“We are excited to be joining forces with Monomoy Capital Partners as we believe it is in the best interests of our stockholders, customers and associates,” stated Matt Hyde, West Marine’s President and CEO. “In addition to providing our stockholders with a significant premium to the current share price, this transaction ensures that West Marine can continue to offer outstanding value to our customers who recreate on the water and provide a rewarding workplace for our associates.”

Daniel Collin, Co-Chief Executive Officer of Monomoy Capital Partners, L.P. added: “We are excited to welcome West Marine to the Monomoy portfolio. We have long admired West Marine and the unique value the company provides for its loyal customers and world class associates. We strongly support West Marine’s vision for the future, strategic initiatives, and culture. We are excited to invest in and work together with the company's management team to continue to lead the industry.”