First Eagle Alternative Credit, a $21 billion alternative credit platform of First Eagle Investments, agented a $30 million FILO term loan to West Marine, an omnichannel provider of aftermarket products and services to the boating, fishing, sailing and watersports markets in the United States to support the execution of the company’s business strategy.
Founded in 1968 and based in Fort Lauderdale, FL, West Marine has 236 retail locations across 38 states and Puerto Rico with close proximity to more than 3,900 marinas. West Marine provides customers access to supplies and accessories, service parts, electronics, fishing and recreation and apparel/accessories.
“We are excited to partner with the West Marine management team and provide them with the financing needed to complete this recapitalization,” Larry Klaff, senior managing director and head of asset-based loans at first Eagle Alternative Credit, said. “The company’s integrated cross-channel platform positions it to capitalize on both organic and inorganic growth initiatives in the coming years, and we look forward to being a part of its continued success.”
“First Eagle Alternative Credit worked diligently to find a creative and flexible financing structure allowing for additional liquidity,” Chuck Rubin, CEO of West Marine, said. “We look forward to advancing our growth trajectory alongside them in the years to come.”
