West Marine Announces New $150 Million Credit Facility from Eclipse Business Capital to Support Operating Strategy and Long-term Growth

FORT LAUDERDALE, Fla., June 24, 2024 /PRNewswire/ -- West Marine and certain of its affiliates ("West Marine" or the "Company"), the nation's leading omnichannel provider in the marine aftermarket, announced today that it has 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.  Mr. 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.

About West Marine

West Marine is the leading integrated, omni‑channel provider of aftermarket products to the boating, fishing, sailing, and watersports markets in the United States. For more than fifty-five years, West Marine has been recognized as a principal resource for cruisers, sailors, anglers, yachters, and other boating enthusiasts. Founded in 1968 in Sunnyvale, California, West Marine employs approximately 3,000 crew members and operates a retail footprint of 232 stores across 38 states and Puerto Rico, and its current headquarters in Fort Lauderdale, Florida, as well as a digital footprint through its eCommerce website that reaches domestic, international, and professional customers.

About Eclipse Business Capital

Originally founded in 2016, Eclipse Business Capital ("EBC") is one of the country's leading independent asset-based lending platforms, targeting both privately-owned and publicly traded companies across a wide range of industries.  The firm provides revolving lines of credit and term loans ranging in size from $10 - $200 million that are secured by collateral such as accounts receivable, inventory, equipment, real estate, and intellectual property. 

Since inception, EBC has underwritten more than 98 transactions totaling over $4.4 billion in aggregate credit facilities.  With an experienced team of 45 professionals, EBC offices are located in Chicago, Dallas, Houston, Los Angeles, New York, Miami, San Francisco, and Westport, CT, providing financing to borrowers in the U.S. and Canada.

Media Contacts
West Marine
Paulee Day
[email protected]

SOURCE West Marine Products, Inc.