|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.