West Marine and certain of its affiliates, an omnichannel provider in the marine aftermarket, entered into a new $150 million credit facility from asset-based lender 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,” Marty Battaglia, CEO of Eclipse Business Capital, said.
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 CEO Chuck Rubin.
“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,” Rubin said. “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.”
“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,” Rubin said. “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.”
