Marine Accessories Corporation

FOR IMMEDIATE RELEASE
September 19, 2000
 

 

EX-BOSTON WHALER, INC. EXECS TAKE HELM OF MARINE ACCESSORIES CORP.

New CEO/CFO team will pursue industry acquisition growth strategy

PHOENIX, ARIZ.--September 19, 2000—Effective immediately, Marine Accessories Corporation announces that Richard N. Reyenger is joining the company as Chief Executive Officer and David M. Evins will become its Chief Financial Officer. The CEO/CFO team will oversee the five Marine Accessories Corporation (MAC) divisions and pursue a strategy of expanding MAC through internal growth and industry acquisitions. MAC is a niche marine accessories product manufacturing company based in Phoenix, Arizona. MAC products include: boat covers, bimini tops, custom enclosures, T-tops, half towers, wakeboard towers, and high quality boating, fishing and boat trailer accessories.

“After more than 22 years in the marine industry, it is exciting to get on-board with a company at this stage of growth and opportunity,” explains Reyenger. “In the past year, we’ve watched on the sidelines as MAC has become a player, and now David and I are teaming up to help take MAC to the next level. In order to expand and grow our current business, we will pursue a two-fold strategy of capitalizing on internal synergies while aggressively pursuing the right acquisition opportunities within the industry.”

Reyenger and Evins are veterans of the marine industry, holding management positions at the industry’s flagship brands. Reyenger was recruited from Marine Group, LLC, where he was responsible for Astro, Procraft and Fisher boat brands. Prior to Marine Group, Reyenger was President of Mako Marine International and President of Outboard Marine Corporation’s Aluminum Boat Group.

On an equally-impressive path, Evins was most recently Chief Financial and Administrative Officer of Chris*Craft Boats, prior to which he was Vice President of Strategic Planning at Brunswick Corporation’s Igloo Products Corporation.

Reyenger’s and Evins’ career paths intersected in the mid-1990’s at Boston Whaler, Inc. when Reyenger was Senior Vice President of Sales and Marketing and Evins was Vice President and Chief Financial Officer.

“Rick and I worked as a team for a number of years at Boston Whaler,” explains Evins. “At that time we were both part of an IPO and a very successful acquisition of the company by Brunswick Corporation—a move that characterizes the type of win-win opportunities that can happen in this industry.”

Reyenger and Evins are taking charge of Marine Accessories Corporation at a critical juncture in its impressive two-year track record of growth. Formed in 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, Marine Accessories Corporation has taken an active lead in acquiring and building niche marine accessory manufacturers.

In May 1999, Great Lakes Boat Top Company merged with Marine Accessories Corporation, followed in September 1999 by Marine Accessories’ acquisition of Todd Box Management Inc. d/b/a/ Pipe Dreams. Most recently, MAC acquired Fentress Marine Corporation in May 2000, and The Boatswain’s Locker, Inc. in June 2000.

“Marine Accessories is an excellent example of how we build upon a base business when we become involved in an industry,“ explains Edward H. Benford of Prospect Partners, LLC and a Director of Marine Accessories Corporation. “When we formed MAC by acquiring Westland from its founder and then owner, Gary Stockford, we saw a company with great potential. Not only did the initial transaction with Westland lead to the subsequent acquisition of four niche marine accessories manufacturers that complemented the base business, but we were also able to pursue internal growth opportunities within Westland. Now that the combined corporation is much larger, Rick and Dave’s experience brings a lot to the table in terms of being able to coordinate the operations of the five different MAC divisions and pursuing further growth opportunities.”

“This business is about what’s good for the industry—bringing together people and companies that work better together than apart,” supports William V. Glastris, Jr., Principal of Prospect Partners, LLC and a Director of Marine Accessories Corporation. “The various companies and the team we’ve brought together at MAC reflect our approach—we are committed to nurturing industries by building up, from within.”

Prospect Partners, LLC of Chicago manages a $105 million private equity fund focused on management-led leveraged acquisitions and providing growth capital for lower middle market businesses with niche strategies.

Prospect Partners, along with Marine Accessories Corporation, will be at booth #3104 at Boating Week 2000 being held in Orlando on September 25-29, 2000.

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MORE PRESS RELEASES
February 13, 2001
New VP to Head Marine Accessories Corporation's Tower Business.
December 5, 2000
Marine Accessories Corporation Acquires Xtreme Marine
November 6, 2000
Great Lakes Boat Tower Company Opens New Production Facility.
May 16, 2000
Marine Accessories Corporation subsidiary acquires Fentress Marine.
July 1, 2000
Marine Accessories Corporation Subsidiary Acquires Assets of The Boatswain's Locker, Inc.
September 1, 1999
Marine Accessories Corporation acquires Pipe Dreams.
May 28, 1999
Great Lakes Boat Top Co. merges with Marine Accessories Corporation.
October 5, 1998
Westland Industries, Inc. Merges with Marine Accessories Corporation.