M&A Deal Summary

L Catterton Partners and Golub Capital Acquire West Marine

On April 14, 2021, growth capital firm L Catterton Partners and lender Golub Capital acquired retailer West Marine from Monomoy Capital Partners

Acquisition Highlights
  • This is L Catterton Partners’ 12th and Golub Capital’s 7th transaction in the Retail sector.
  • This is L Catterton Partners’ 115th and Golub Capital’s 64th transaction in the United States.
  • This is L Catterton Partners’ 7th and Golub Capital’s 7th transaction in Florida.

M&A Deal Summary
Date 2021-04-14
Target West Marine
Sector Retail
Buyer(s) L Catterton Partners
Golub Capital
Sellers(s) Monomoy Capital Partners
Deal Type Secondary Buyout
Advisor(s) Robert W. Baird & Co., Inc. (Financial)

Target

West Marine

Fort Lauderdale, Florida, United States
West Marine's headquarters in Fort Lauderdale, Florida.
West Marine's headquarters in Fort Lauderdale, Florida.
West Marine is an omnichannel specialty retailer exclusively offering boating gear, apparel, footwear and other waterlife-related products. The Company has more than 250 stores located in 38 US states and Puerto Rico and an eCommerce website reaching domestic, international and professional customers. West Marine was founded in 1968 and is based in Fort Lauderdale, Florida.

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Buyer(S) 2

Buyer

L Catterton Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1989
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

L Catterton is a private equity firm that targets investments in consumer-related companies located throughout North America. L Catterton looks for businesses with identifiable brands and operating in 'defensible and extensible' positions within growth industry segments. Specific sectors of interest include branded consumables, food/beverages, consumer services, restaurants, media and marketing, household durables, specialty retail, mass merchant retail, and luxury/apparel. Prospective transactions include management buyouts, recapitalizations, turnarounds, and growth financings. L Catterton was formed in 1990 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 186 of 221
Sector (Retail) 12 of 13
Type (Secondary Buyout) 14 of 20
State (Florida) 7 of 7
Country (United States) 115 of 133
Year (2021) 7 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-09 Genki Forest

Beijing, China

Genki Forest is a Chinese beverage company that provides low-sugar, low-calorie sparkling water, milk tea, and RTD tea, which are available through key e-commerce platforms and ~700k POS across China. Genki Forest was founded in 2016 and is based in Beijing, China.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-04 Honest

Los Angeles, California, United States

Honest is a consumer products company dedicated to empowering people to live happy, healthy lives. Consumers seeking thoughtfully formulated, safe and effective baby, personal care, and beauty products, along with education and support can find Honest's products across North America via honest.com and honestbeauty.com and at more than 17,000 retail locations. Beginning in spring 2019, consumers in Europe can find Honest Beauty at select Douglas retail locations. It is committed to ensuring all families have access to basic necessities and the latest health information for safe growth and development a commitment reflected in its ongoing partnerships with organizations such as Baby2Baby and Mount Sinai. Honest was founded in 2012 and is based in Los Angeles, California.

Sell -
Buyer

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.

DEAL STATS #
Overall 66 of 68
Sector (Retail) 7 of 7
Type (Secondary Buyout) 26 of 27
State (Florida) 7 of 7
Country (United States) 64 of 66
Year (2021) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-01 Dental Services Group

St. Petersburg, Florida, United States

Dental Services Group is an operator of a full-service laboratory network with over 40 dental laboratories that offers dental prosthetic solutions, including fixed, removable, implant, orthodontic and sleep dentistry products. Dental Services Group was founded in 1989 and is based in St. Petersburg, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-17 Outcomes

Orlando, Florida, United States

Outcomes is a developer and supplier of pharmacy management software solutions to the independent, hospital, long-term care, and specialty pharmacy markets across the United States, Mexico, and the Caribbean. Outcomes offers software solutions to enable insurance claims processing, e-prescription connectivity, pharmacy workflow management, and other critical functions for its pharmacist customers. Outcomes was formed in 1977 and is based in Orlando, Florida.

Sell -

Seller(S) 1

SELLER

Monomoy Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 2.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Monomoy Capital Partners is a private equity firm that invests in mid to large-sized companies valued up to $1 billion. Monomoy prefers cash flow positive companies with $20 to $100 million of EBITDA. Sectors of interest include automotive, industrial, distribution, consumer products, packaging, and transportation. Monomoy Capital Partners was formed in 2005 and is headquartered in New York City.

DEAL STATS #
Overall 17 of 20
Sector (Retail) 1 of 1
Type (Secondary Buyout) 5 of 5
State (Florida) 1 of 1
Country (United States) 17 of 20
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-04 Astro Shapes

Struthers, Ohio, United States

Astro Shapes is a manufacturer of custom-finished aluminum extrusions in the Midwest and the Northeast United States. The Company creates value-added extrusions in over 14,000 unique shapes and sizes and in the mill, painted, thermal, anodized, and other finishes for recreational vehicles, residential windows and doors, commercial building products, medical applications, and capital equipment.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-25 Liberty Safe

Payson, Utah, United States

Liberty Safe is a provider of full-size residential safes in the U.S. The company offers the broadest line of home, gun, office, and commercial safes available from any one company. The company's products are offered under three popular brands–Liberty, National Security, and Centurion. Liberty Safe & Security Products was established in 1988 and is based in Payson, Utah.

Buy -
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