Marine Accessories Corporation

FOR IMMEDIATE RELEASE
October 5, 1998
 

 

Westland Industries, Inc. Merges with Marine Accessories Corporation

New Company will Pursue Other Marine Industry Acquisitions


Phoenix, AZ: Westland Industries, Inc., a leading manufacturer of boat covers and bimini tops, today announced that it had filed to merge with Marine Accessories Corporation, a newly formed entity focused on building a larger marine accessories company.

The new company will be based in Phoenix at Westland Industries' current location. All of Westland Industries' current executives and employees, including founder and CEO Gary Stockford, are expected to remain. Stockford also remains as an investor, shareholder and director of the company. Marine Accessories is backed by private equity firm Prospect Partners, LLC, of Chicago, which manages $105 million in equity capital.

"We are very excited about the opportunity to build a larger presence in the marine canvas and other accessory market," said Stockford. "The partnership with Prospect Partners provides us with capital and significant expertise to grow our business."

Prospect Partners, LLC invests in management-led buyouts and recapitilizations of companies with base revenue of $10 million to $30 million. Edward H. Benford and William V. Glastris, Jr. of Prospect wil serve on Marine Accessories Corporation Board. "We believe Westland is an excellent platform from which to build a significant presence in the marine accessory market through acquisition and new product development," said Benford.

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