West Marine and certain of its affiliates, the nation's leading omnichannel provider in the marine aftermarket, entered into a new $150 million credit facility from asset-based lender (ABL) Eclipse Business Capital. The transaction extends the previous maturity date and provides reduced interest expense. These transactions support the Company's strategic evolution and long-term growth.
"We appreciate the opportunity to serve as a critical financing partner to West Marine as it executes on its strategic plan," said Marty Battaglia, Chief Executive Officer of Eclipse Business Capital.
With the financial support of investors and financial partners, West Marine's new leadership team will continue to execute on the Company's strategic evolution, led by Chuck Rubin, Chief Executive Officer. Rubin said, "We appreciate Eclipse's commitment to West Marine and the confidence of L Catterton and our investment partners in our ability to deliver on our strategic plan. Our strengthened balance sheet, along with our stakeholders' commitment and belief in our brand, supports our focus and dedication to building a platform for growth." West Marine serves its retail and professional customers from 232 stores in 38 states and Puerto Rico and its online e-commerce platforms serving retail and professional customers.
"With our 55-year legacy as an admired brand in the boating industry, West Marine stands alone in our ability to offer in-store shopping, e-commerce, omnichannel fulfillment and delivery across both B2B and B2C customers. We have an unwavering commitment to provide our customers with great products, fairly priced, fast delivery and store pickup, and the know how and solutions needed to enable more time on the water," said Rubin. West Marine will continue to foster its long-term relationships with vendors, streamline its operations for optimal performance, and enhance its service to customers through the ability to buy products online at westmarine.com. West Marine has expanded fulfillment offerings such as same day or next day delivery from virtually all of its locations which are strategically located in close proximity to marinas and boating communities, making tens of thousands of products even more accessible to boaters.