|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
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