|FOR IMMEDIATE RELEASE
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
“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.