July 10, 2017

On June 29th, West Marine, Inc. (“West Marine”), a leading omni-channel specialty retailer exclusively offering boating gear, apparel, footwear and other waterlife-related products, and Monomoy Capital Partners (“Monomoy”), a New York-based private equity fund, announced today that they have executed a definitive merger agreement under which a wholly owned affiliate of Monomoy will acquire all of the outstanding shares of common stock of West Marine at $12.97 per share in cash, which represents a total equity value of $338 million. This price represents a premium of 32% over the 30-day average performance of West Marine’s stock price reported on NASDAQ.

“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.”

Daniel Collin, Co-Chief Executive Officer of Monomoy Capital Partners, L.P. said: “We are excited to welcome West Marine to the Monomoy portfolio. We have long admired West Marine and the unique value the company provides for its loyal customers and world class associates. We strongly support West Marine’s vision for the future, strategic initiatives, and culture. We are excited to invest in and work together with the company’s management team to continue to lead the industry.”

Company founder and board member, Randy Repass, has entered into a voting agreement whereby he and his affiliated entities over which he has sole or shared voting have agreed to vote shares representing approximately 20% of the Company’s voting power in favor of the transaction. Following the close of the transaction, West Marine will be privately held and continue to be operated independently by the Company’s management team.

The transaction, which has been unanimously approved by West Marine’s Board of Directors, is expected to close in the third quarter of this year, subject to West Marine’s stockholder approval and other customary closing conditions. Guggenheim Securities, LLC acted as financial advisor, and Sidley Austin LLP acted as legal advisor, to West Marine. Jefferies LLC acted as financial advisor, and Kirkland & Ellis, LLP acted as legal advisor, to Monomoy.