Marine Accessories Corporation

FOR IMMEDIATE RELEASE
July 1, 2000
 

 

MARINE ACCESSORIES CORP. SUBSIDIARY ACQUIRES ASSETS OF THE BOATSWAIN'S LOCKER, INC.

Combined Company Will Expand and Pursue Other Marine Industry Acquisitions


JACKSONVILLE, FL: July 1, 2000: The Boatswain’s Locker, Inc., the leading manufacturer of OEM canvas tops and enclosures for large boats and yachts, today announced that it has been acquired by a newly-formed subsidiary of Marine Accessories Corporation. The combined company will continue to pursue acquisitions and internal growth opportunities.

William J. Bransford will continue as President of The Boatswain’s Locker and has also become a director and shareholder of Marine Accessories Corporation.

“I am really excited to be teaming up with Marine Accessories Corporation,” said Bransford. “Joining forces will provide additional capital to help us grow faster and serve our combined customer base better. I am personally thrilled to be working with Gary Stockford, Jim Wilson and the rest of the MAC management team.”

The Boatswain’s Locker will continue to operate from its facilities in Jacksonville, FL and Cocoa Beach, FL. All of The Boatswain’s Locker managers and employees will continue in their current capacities. The company will continue to be led by William J. Bransford who joins the Marine Accessories Corporation management team which includes Gary L. Stockford, President of Westland Industries 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. In May 2000, Marine Accessories Corporation acquired Fentress Marine Corporation of Largo, FL, a leading manufacturer of high quality boating, fishing, diving and boat trailer accessories.

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Marine Accessories Corporation acquires Pipe Dreams.
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Great Lakes Boat Top Co. merges with Marine Accessories Corporation.
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Westland Industries, Inc. Merges with Marine Accessories Corporation.