Private equity fund acquires specialty retailer

West Marine Inc. is going private.



The retailer of boating gear, apparel and other waterlife-related products has agreed to be acquired by New York-based Monomoy Capital Partners for $12.97 per share. The deal has a total equity value of $338 million. Following the close of the deal, West Marine will continue to be operated independently by the company's management team.



“We are excited to be joining forces with Monomoy Capital Partners as we believe it is in the best interests of our stockholders, customers and associates,” said Matt Hyde, West Marine’s president and CEO. “In addition to providing our stockholders with a significant premium to the current share price, this transaction ensures that West Marine can continue to offer outstanding value to our customers who recreate on the water and provide a rewarding workplace for our associates.”



The transaction is expected to close in the third quarter of this year, subject to West Marine’s stockholder approval and other customary closing conditions. Sidley Austin LLP represented West Marine in the proposed transaction.



West Marine operates more than 250 stores in 38 states and Puerto Rico, along with an e-commerce website reaching domestic, international and professional customers.