Who Owns West Marine?
West Marine is a well-known American retailer of boating supplies, equipment, and apparel. With over 250 locations across the United States and online presence, West Marine has become a go-to destination for boaters, fishermen, and water enthusiasts. But have you ever wondered who owns West Marine? In this article, we’ll dive into the history of West Marine and explore who owns the company.
A Brief History of West Marine
West Marine was founded in 1968 by Robert Allyn and John Wunderlich in Palo Alto, California. The company started as a small sailboat repair shop and gradually grew into a full-fledged retailer of boating supplies and equipment. Over the years, West Marine expanded its operations, opening new stores across the United States and acquiring several other boating retailers.
Ownership Changes
West Marine has undergone several ownership changes since its inception. Here’s a brief overview:
- 1968-1993: West Marine was privately owned by its founders, Robert Allyn and John Wunderlich.
- 1993-2005: West Marine went public with an initial public offering (IPO) in 1993. The company was listed on the NASDAQ stock exchange under the ticker symbol WMAR.
- 2005-2010: West Marine was acquired by Graham Partners, a private equity firm, in 2005. Graham Partners took West Marine private and made several strategic acquisitions to expand the company’s product offerings and distribution channels.
- 2010-2017: West Marine filed for Chapter 11 bankruptcy protection in 2010 and emerged from bankruptcy in 2011. The company underwent significant restructuring, including the closure of underperforming stores and the reduction of debt.
- 2017-Present: Monomoy Capital Partners, a private equity firm, acquired West Marine in 2017. Monomoy Capital Partners has since invested in the company’s e-commerce platform, store remodels, and expansion into new markets.
Current Ownership Structure
So, who owns West Marine today? According to West Marine’s latest annual report, the company is owned by Monomoy Capital Partners, a private equity firm with a focus on investing in middle-market companies. Monomoy Capital Partners acquired West Marine in 2017 and has since become the company’s majority shareholder.
Here’s a breakdown of West Marine’s current ownership structure:
| Owner | Percentage Ownership |
|---|---|
| Monomoy Capital Partners | 92.5% |
| Other investors | 7.5% |
West Marine’s Financial Performance
As a private company, West Marine’s financial performance is not publicly disclosed. However, according to reports, West Marine has made significant progress under Monomoy Capital Partners’ ownership. The company has invested in its e-commerce platform, expanded its store footprint, and improved its financial performance.
Here are some key financial metrics for West Marine:
| Metric | 2020 | 2019 | 2018 |
|---|---|---|---|
| Revenue | $432 million | $415 million | $384 million |
| Net income | $12 million | $2 million | ($5 million) |
| EBITDA | $43 million | $30 million | $20 million |
Conclusion
In conclusion, West Marine is owned by Monomoy Capital Partners, a private equity firm that acquired the company in 2017. Monomoy Capital Partners has invested in West Marine’s e-commerce platform, store remodels, and expansion into new markets, and the company has made significant progress under its ownership. If you’re a boater, fisherman, or water enthusiast, West Marine is a great resource for all your boating needs.
