New Owner for West Marine
Industry customer West Marine has a new owner – private equity firm L Catterton, which acquired Birkenstock earlier this year.
West Marine operates 237 stores and is known for its wide selection of boating, fishing, sailing and paddling gear.
With the backing of L Catterton, which bought the majority stake in the company, West Marine will continue to expand its marine centers, and will ramp up digital content and commerce, among other goals, according to a press release.
“West Marine has moved beyond its heritage as a retailer and is a highly trusted marine specialist and resource for boating enthusiasts. By leveraging our firm’s experience building enthusiast brands, we will be able to accelerate West Marine’s advanced omni-channel capabilities and enhance its consumer engagement, while creating an industry defining digital experience,” Marc Magliacano, Managing Partner at L Catterton said in a statement. “West Marine will use its scale, product breadth, and expert field associates to service all the needs of consumers seeking an exceptional on water experience.”
L Catterton says it is the largest, consumer- focused private equity firm. It will invest in West Marine out of its $4.5 billion Flagship Fund. L Catterton has over $25 billion of equity capital across its various funds and 17 offices around the world.
The company says it has lots of experience in the enthusiasm space, and has previously invested in Leslie’s, Airxcel, Truck Hero, Peloton, Heartland RV, and Pinarello.
L Catterton casts a wide net, however, and is involved in many sectors including fashion, restaurants, consumer goods, beauty and health. It is backed by luxury company LVMH and Groupe Arnault, the family holding company of Bernard Arnault, the CEO of LVMH.