Marine Accessories Corporation

FOR IMMEDIATE RELEASE
December 5, 2000
 

 

MARINE ACCESSORIES CORPORATION ACQUIRES XTREME MARINE

Acquisition Bolsters MAC's Marine Tower Business and Sets Stage for Future Growth

CHICAGO, Ill.—December 5, 2000: Prospect Partners, LLC is proud to announce the acquisition of Xtreme Marine of Loudon, Tennessee by Marine Accessories Corporation of Phoenix, Arizona.

Marine Accessories Corporation is a niche marine accessories manufacturing company with products that include boat covers, bimini tops, custom enclosures, T-tops, half towers, wakeboard towers, and high quality boating, fishing and boat trailer accessories.

Xtreme Marine is a leading manufacturer of wakeboard arches for tournament ski boats and other tower products for the marine industry. Xtreme Marine becomes the sixth division of Marine Accessories Corporation, which includes Westland Industries, Great Lakes Boat Top Company, Todd Box Management Inc. d/b/a/ Pipe Dreams, Fentress Marine Corporation and The Boatswain’s Locker, Inc.

Xtreme Marine is a great fit for our growing company, and will complement our existing Great Lakes Boat Tower Company,” explains Rick Reyenger, CEO of Marine Accessories Corporation. “Xtreme Marine not only increases MAC’s capacity in the tower products area, but also enhances opportunities to meet our customers’ needs through product innovation and customized product design. Wayne and Tony are great assets to our company in terms of their expertise and track record in these areas, and we are looking forward to working together in building the Xtreme Marine division of MAC.”

Wayne Hartford, the existing owner of Xtreme Marine, will serve as President of Xtreme Marine, and Tony Williams will continue to serve as Vice President and Plant Manager.

“We are very excited about the opportunity to bring Xtreme Marine into our marine accessories business,” explains Edward H. Benford of Prospect Partners, LLC and a Director of Marine Accessories Corporation. “The acquisition demonstrates our commitment to increasing our presence in the tower niche via new products and expanded geographic reach. The various companies and the team we’ve brought together at Marine Accessories Corporation reflect our approach—we are committed to establishing a strong industry presence by building solid niche marine product companies.”

“This is a great opportunity for Xtreme Marine to expand our current operations and service,” supports Wayne Hartford, President of Xtreme Marine. “Marine Accessories Corporation brings the capital, expanded facilities, additional product lines and reputation we need to catapult our growth and service our increasing market demand. ”

Prospect Partners formed Marine Accessories Corporation in 1998 with Westland Industries, Inc., a Phoenix-based manufacturer of boat covers and bimini tops. Prospect has since nurtured the growth of the company through internal restructuring and a series of acquisitions, including Great Lakes Boat Top Company, Todd Box Management Inc. d/b/a/ Pipe Dreams, Fentress Marine Corporation and The Boatswain’s Locker, Inc.

Together, Prospect Partners and Marine Accessories Corporation will be seeking to acquire other well established, privately owned manufacturers of niche marine products to bring under the MAC umbrella.

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.

Back to Press Releases


MORE PRESS RELEASES
February 13, 2001
New VP to Head Marine Accessories Corporation's Tower Business.
November 6, 2000
Great Lakes Boat Tower Company Opens New Production Facility.
September 19, 2000
Ex-Boston Whaler execs take helm of Marine Accessories Corporation.
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.