Monomoy Capital Partners acquires West Marine Inc.

Private equity firm purchases retailer for $12.97 per share.

WATSONVILLE, California — Monomoy Capital Partners, a New York-based private equity firm, acquired specialty retailer West Marine for $12.97 per share, it was announced June 29. The firm paid a 32 percent premium to acquire West Marine, which specializes in sales of boating gear, apparel, footwear and other marine products.

The total equity value of the acquisition is $338 million, according to a released statement about the purchase.

West Marine’s Board of Directors unanimously approved the acquisition, which would be finalized at some point during 2017’s third quarter. The acquisition is still subject to stockholder approval and other routine conditions.

Advisors affiliated with the deal are: Guggenheim Securities (financial, West Marine); Sidley Austin (legal, West Marine); Jefferies (financial, Monomoy); and, Kirkland & Ellis (legal, Monomoy).

The acquisition would establish West Marine as a privately held company; it would continue to operate independently by its management company.

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