|FOR IMMEDIATE RELEASE
May 16, 2000
MARINE ACCESSORIES CORPORATION SUBSIDIARY ACQUIRES FENTRESS MARINE
Combined Company Will Expand and Pursue Other Marine Industry
LARGO, FL: May 16, 2000. . . . Fentress Marine, a leading manufacturer
of high quality boating, fishing, diving and boat trailer accessories,
today announced that it has been acquired by Fentress Marine Corporation,
a newly-formed subsidiary of Marine Accessories Corporation. The combined
company will continue to pursue acquisitions and internal growth opportunities.
"I am really excited about the opportunity to join forces
with Marine Accessories Corporation and expand on what we have built
here. We have assembled an excellent team and partnering with Marine
Accessories Corporation provides us with additional capital to grow
the business." said Gene Fentress, founder.
Fentress Marine will continue to operate from its facility in Largo,
FL. All of Fentress Marine’s managers and employees will continue
in their current capacities. The company will continue to be led
by Gene Fentress, Randy Sacks and Terry Shanholtzer, who recently
joined Fentress as Vice President and Controller. They join the
Marine Accessories Corporation management team which includes Gary
L. Stockford, CEO of Marine Accessories Corporation and James A.
Wilson, President of Great Lakes Boat Top.
Marine Accessories Corporation was formed in October 1998 by Westland
Industries, Inc., a Phoenix-based manufacturer of boat covers and
bimini tops, and Prospect Partners, LLC, a Chicago-based private
equity firm which manages a $105 million fund. In May 1999, Marine
Accessories Corporation acquired Great Lakes Boat Top Co., Inc.
of Vonore, TN, a leading manufacturer of OEM bimini tops, convertible
tops and enclosures for the recreational boating market. In August
1999, Marine Accessories Corporation formed Great Lakes Boat Tower
to acquire Todd Box Management Inc. dba Pipe Dreams of La Vergne,
TN, a leading producer of aluminum towers and wakeboard arches.